Bitcoin: Bears have definitely given up

If we apply the Fibonacci Retracement to our graph, we can see that Bitcoin is overbought even in the long-term period. In order for the main cryptocurrency to continue its growth one should return to the green area (61.8%).

On the other hand, the MACD indicator shows that the trend is definitely bullish and reaching new highs will happen for sure.

Having analyzed technical and fundamental factors in terms of today’s growth, one can make a conclusion that the second ones influence the market more than the first ones.