Bitcoin [BTC] traders who take profits can swear by these calculations

The crypto market saw some resurgence between July 27th and July 28th. Bitcoin [BTC] was decisive for the huge price rise when the market crossed the market value of 1.05 trillion dollars per CoinMarketCap. The market value rose over 7% from 27 July. However, that was not where it ended.

Bitcoin also contributed its quota as the entire crypto market reached a weekly high volume. It was $93 billion at press time — a number it hasn’t hit since the week started on July 25.

Similarly, other altcoins were not left out. Ethereum [ETH] got 10.50%, and Polka dot [DOT] increased by 11.48% in the same period.

Ready to rumble

Prior to this rally, BTC had rumbled earlier. In the same week, the price dropped from $22,000 and lost almost $20,000 User support. However, the road to resurgence did not start on July 28. BTC had been moving slowly up the chart since the late hours of July 26.

Despite that, the increase was not enough until the last 24 hours. At press time, BTC was close to regaining $23,000, trading at $22,920. So how influential was the crypto king in this recent bullish move?

Tells the details

After losing a volume range of 39.76 billion on July 26, BTC saw climb up the ladder again. This it did, when it went from 25.5 billion to 31.85 billion in the last 24 hours. Likewise, it followed the same move with the market value.

Source: Sentiment

As of the same July 26, BTC’s market cap was $399.46 billion. At the time of writing, it had risen to $436.96 billion, confirming that it was instrumental in the crypto market’s rise.

Bitcoin buyers also seem to have added to their bags. According to Glassnode, addresses with over 10,000 BTC increased remarkable in recent days.

Source: Glassnode

Long trip maybe

The BTC/USDT chart shows that Bitcoin can sustain the current green levels. At press time, the Relative Strength Index (RSI) indicated that Bitcoin’s next move may remain bullish.

This estimate was supported by the Moving Average Convergence Divergence (MACD). After falling below the intermediate level, the MACD looked poised for a continuous uptrend in the near term.

Source: TradingView

With the available data, BTC may continue with an uptrend in the next hours to days. However, investors may need to watch the RSI level if it becomes overbought. If it does, a downtrend could very well be on the cards.