Cryptocurrency market update: Bitcoin drives market momentum amid broad-based mixed signals

BTC/USD unique upsurge during the evening (GMT) session on Tuesday id the force that is driving momentum on the cryptocurrency market. As discussed yesterday, the largest digital asset was holding onto $5,000 support following a brief slump on Monday before correcting higher above the 50 simple moving average (SMA) 1-hour and the 100 SMA 1-hour. A bullish engulfing candlestick sprung upwards blasting through $5,200.

Bitcoin closed the session on Tuesday in the positive above $5,200 before extending the gains above $5,250 during the Asian session on Wednesday. A retracement from the intraday highs of $5,271.24 has found support slightly above $5,200 and BTC/USD is exchanging hands at $5,220. Indicators applied to the 1-hour chart show that Bitcoin is still in the bullish mode and likely to extend the gains. Meanwhile, the RSI is ranging at 67.85 while the MACD at 35.64. Moreover, the price is above the SMAs; both of which are playing catch up below $5,125.

BTC/USD 1-hour chart

Although Bitcoin is in the green, most of the major assets are in the red at press time. Ethereum is dancing with $166 after a subtle 0.01% loss. Ripple is also in the red, 0.88% decline to exchange hands at $0.3235 while Bitcoin Cash has lost 1.64% of its value to trade at $311. Among the top twenty NEO and Bitcoin Gold (BTG) are in the green with gains of 0.38% and 1.8% respectively.