Bitcoin had been on a downtrend for the past few weeks, the coin, however, started to show an uptrend over the past 48 hours.
The global cryptocurrency market cap stood at $2.03 Trillion after a positive change of 0.5% over the last 24 hours.
In the last week, Bitcoin had lost its value considerably however it recovered some of its losses as the coin surged in the past 48 hours.
A fall from this level would mean that BTC would be back to $40,000, a price the coin touched thrice in the last week.
In the last week, buying pressure had dipped considerably as the asset was briefly oversold.
This meant that the price momentum of the coin was propelled by buyers in the market.
MACD depicts the market momentum and on the indicator, the coin displayed green histograms which is a sign of positive price action.
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