The price movements on the cryptocurrency market have been rather erratic during the last day. Following suit with the rest of the cryptocurrencies, Bitcoin fell below $16K before soaring back up to $17K. Bitcoin price today is up by 2.60% while that of Ethereum(ETH) is down by 0.63percent.
The widening of the Bollinger bands on the 1-day price chart indicates that the bulls are gaining control of the market as BTC price volatility rises. The lower band is at 15415, and the upper band is approaching 22920 supporting this market sentiment.
As it advances out of the oversold territory, the Relative Strength Index (RSI) indicator, with a reading of 36.94, is forecasting more bullish rallies. A stable market will ensue if bulls maintain control of the BTC market and the RSI score keeps rising to “50.”
In accordance with the Average Directional Index (ADX) indicator, which is above zero and has a reading of 34.65, the bulls’ dominance will continue in the conceivable future.