BITCOIN ABOVE RS 25 LAKH

Bitcoin is currently trading above Rs 25 lakh. The market dominance of the world's largest cryptocurrency increased to 46.29 percent by 0.37 percent over the last day, according to data from CoinMarketCap.

After Terra Luna's collapse, which erased $40 billion worth of investors' money, the UK government has released a consultation paper on stablecoins to address financial stability issues. To solicit stakeholder perspectives on the UK regulatory approach to crypto-assets and stablecoins in January 2021, the Treasury issued a consultation and called for evidence.  

Typically after such a breakout — especially after weeks of consolidation — momentum extends, however bulls seem uncertain about further increases, hence why some have abandoned positions.

Looking at the chart, this may be due to the fact that they spotted the ceiling on the 14-day RSI of 51, which hasn’t been broken in three months.

However, should relative strength move beyond this area, then we will likely see a surge heading towards $34,000.