Bitcoin’s decline to lows of $5,800 overnight was met with significant buying pressure that subsequently allowed the cryptocurrency to climb higher, with BTC bulls now attempting to reclaim the crypto’s previous position within the upper-$6,000 region.
This early morning rebound came about after a short bout of intense selling pressure, and buyer’s ability to absorb this and defend against further downside is certainly a bullish sign.
Despite this, one trader is now noting that he believes Bitcoin is firmly in bear’s control as long as it trades below one key level that has yet to be surmounted.
Bitcoin Garners Tempered Momentum as Analysts Watch Key Technical Formations
At the time of writing, Bitcoin is trading up just under 4% at its current price of $6,350, which marks a notable climb from daily lows of $5,800 that were set at the bottom of the overnight selloff.
Bulls did post an ardent defense of this level, however, which is what catalyzed the momentum that has led the crypto up to its current price levels.
In the near-term, whether or not Bitcoin is able to climb higher or not may depend on if it is able to close its monthly candle above $6,425, a level that one analyst thinks is of the utmost importance.
“BTC monthly close above 6425 would be solid bullish SFP to make April-May brighter. For now, it needs to unfold this symmetrical triangle, contracting consolidation. Safest non-scalp swing trades on breakout (or breakdown) retest.”
Image Courtesy of CryptoBirb
BTC Faces Heightened Bearishness Below Mid-$6,000 Region
Even if BTC is able to close its monthly candle above $6,425, it still faces some intense resistance between roughly $6,450 and $6,550.
George, a popular cryptocurrency trader on Twitter, spoke about the resistance that exists around this level in a recent tweet, explaining to his nearly 20k followers that he believes Bitcoin is in firm bear territory until it is able to firmly break above this region.
“BTC: As long as we stay below green and close the daily below Sun[day] high we should be good for continued downside imo,” he noted while referencing the below chart.
$BTC
As long as we stay below green and close the daily below Sun high we should be good for continued downside imo… pic.twitter.com/DFIemLyQk7
— George (@George1Trader) March 30, 2020
Because there is just over 24-hours left until Bitcoin’s monthly close, how it trends in this relatively short time frame will be critical for determining which direction the aggregated market will head throughout April.
Featured image from Shutterstock. origin »
So far, Bitcoin has seen a mixture of bulls and bears just in the past day alone. Although bulls appear to be taking the lead given its current market performance, will this be sustainable? Before the US Federal Reserve announcement of the rate cuts, Bitcoin experienced a slight dip in its trading price.
After a 10-day dip, Bitcoin has surged past $70,000. The renewed vigor in BTC's price action signals a resurgence of momentum as the market continues to climb. Can the bulls sustain this momentum and propel Bitcoin into a new phase of price discovery?
In a shocking twist, Bitcoin (BTC), the undisputed king of cryptocurrencies, has plunged to levels not seen since the early days of 2023. The battle-hardened Bitcoin bulls have suffered another crushing defeat, leaving investors on edge, anxiously pondering whether the dreaded sub $20,000 abyss will haunt them again.
Bitcoin’s breakout to $29k comes after bulls established $26,190 as a key support zone. If bulls break to YTD highs, the next direct resistance per the Fibonacci model could be at the -50. 0% retracement of $34,280.
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
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It’s been a fairly exciting week for Bitcoin bulls, with rally upon rally feeding into the bullish sentiment. Although the weekly is not closed as of typing, Bitcoin saw its value jump 14% this week to $9169,5(Bitfinex).
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Bitcoin has continued trading sideways within the lower-$7,000, with this latest bout of consolidation coming about after a failed attempt by BTC’s bulls to spark a rally yesterday. Bull’s inability to sustain any significant upwards momentum points to underlying weakness amongst buyers and may signal that further losses are imminent.
Bitcoin’s position within the lower-$7,000 region has been ardently defended by the cryptocurrency’s bulls over the past several hours and days, with the crypto’s overnight drop into the upper-$6,000 region being met with significant buying pressure that allowed BTC to post a sharp bounce to highs of $7,400.
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