Is Bitcoin forming a Bullish cross after falling over 10% on weekends, targeting $ 7000?

This morning, Bitcoin traded above $ 6,500, up 12% from the bottom of $ 5,800 set on Sunday night.

Thanks to this move, the BitMEX sponsorship ratio on Bitcoin contracts (XBT) has increased by 990% according to data from traders and AI / cloud experts at Microsoft Joe McCann. He thinks this means "the cow is being pushed up", potentially creating a long squeeze phase in the future.


Analysts now have a wide range of views on what this move means for leading cryptocurrencies. Because just 24 hours earlier, many people had charted a low of $ 5,000, with actual reasons falling below some important support.

According to trader Flood - who had predicted the recent move from $ 6,800 to $ 6,200, Bitcoin could retest $ 8,000 in the near future.

“We were short. Now, let's go to 8K dollars. ”

Bitcoin rebounded sharply as the bulls enthusiastically defended $ 5,800

At the time of writing, Bitcoin is trading up 3.6% at the current price of $ 6,491, up sharply from the daily low of $ 5,800 after breaking below $ 6,000.

Now it looks like BTC is about to break through the critical resistance of $ 6,500. If successful, it will open up the possibility of significant price increase in the short term.

Accordingly, analyst Big Cheds believes that the price is flexing "potential bull cross EMA 8/34" on the 4-hour chart.

“4 hour chart - potential bull cross EMA 8/34”

This pattern can significantly accelerate the confirmed short-term price action in the next few hours.

BTC surpassing the critical resistance will open the way to $ 7,700

Regarding how high Bitcoin can rise after beating current resistance, an analyst noted the move towards $ 7,700.

Analyst Teddy recently shared a chart showing two potential lines and Bitcoin is currently in the process of implementing a price-raising roadmap.

"It seems that BTC has chosen the green path."

Through the chart above, the goal is to raise the price to around $ 7,700, a significant increase from the level at which Bitcoin is trading.

You can see the price of BTC here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Thuy Trang

According to AZCoin News

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