Btc found support around the key psychological threshold of $50,000 and was trading above $56,000 at the time of writing.
The biggest cryptocurrency by market cap remains in an rise, defined by its 50-day, volume-weighted moving average(MA).
Today's successful break ushers it into to the a resistance near Feb's all-time high of @58,000.
Btc's rise remains intact with prices remaining above the gradually ascending 50-day volume-weighted moving average. Rising price floors indicate strong buying interest.
High trading volume during the Feb sell-off was a sign of capitulation as buyers stepped in to defend support around the psychologically important $50,000 price level.
The Feb sell-off looks similar to the January sell-off, although lower highs on the relative strength index (RSI) indicate slowing upside momentum.
The RSI index bounced from neutral territory (a reading around 50), which supported price recoveries from January and Feb lows.