Everything Around Crypto
Bitcoin
$10,744.31
+4.93
(+0.05%)
Ethereum
$353.19
-0.25
(-0.07%)
Ripple
$0.24
0
(+0.04%)
Litecoin
$45.91
-0.19
(-0.41%)
EOS
$2.58
+0.01
(+0.23%)
Cardano
$0.10
+0.01
(+8.52%)
Stellar
$0.07
-0
(-0.05%)
NEO
$21.34
+0.19
(+0.9%)
NEM
$0.12
-0
(-3.25%)
DigitalCash
$68.39
-0.95
(-1.37%)
Tether
$1.00
0
(0%)
Binance Coin
$25.99
+0.2
(+0.78%)
QTUM
$2.37
-0.03
(-1.21%)
Verge
$0.00
0
(0%)
Ontology
$0.66
-0.03
(-4.84%)
ZCash
$55.17
-0.86
(-1.53%)
Steem
$0.17
0
(+0.06%)
EUR
$1.10
0
(-0.08%)
GBP
$1.23
-0.01
(+0.67%)
JPY
$0.01
-0
(+0.14%)
CHF
$1.03
-0
(+0.45%)
CAD
$0.72
0
(-0.17%)
AUD
$0.66
-0.01
(+0.94%)
ZAR
$0.06
-0
(+0.36%)
RUB
$0.01
-0
(+0.81%)

Bitcoin Surges to $6,900: What Do Analysts Think Comes Next?

4

Over the past hour, Bitcoin has continued to rip higher, adding to the 8% in gains registered on April Fool’s Day. As of the time of writing this article, the cryptocurrency trades for $6,875, the highest price since March 27th.The recent rally allowed Bitcoin to register its highest four-hour candle close since March 12th, boding well for the sentiment that the crypto market is in the midst of a recovery to pre-crash levels.Related Reading: This Key Metric Suggests the Crypto Market’s Downturn Will Be ShortlivedAs BTC has rallied, so too has the S&P 500, despite a worsening coronavirus outbreak, which is on the verge of reaching 1,000,000 confirmed cases, and Thursday’s jobless claims report in the U.S. stating that a record 6.6 million workers filed for unemployment in the span of a week.What’s Next For Bitcoin? According to analysts, with the recent price action in mind, there’s a good likelihood upside continuation will pan out.The GTI Vera Convergence Divergence Indicator printed a buy signal for the Bloomberg Galaxy Crypto Index. A buy signal was last seen early on in January, when Bitcoin was trading in the mid-$7,000s. And a sell signal was seen near the end of February, when BTC was trading in the mid-$9,000s prior to the infamous March 12th capitulation.Furthermore, the recent price action has pushed Bitcoin decisively above the $6,783 “decision point” indicated by prominent crypto trader Filb Filb, which should give the cryptocurrency fuel to rally towards the cluster of resistance in the range of $7,800 to $8,100.Furthermore, trader Flood, who called move under $6,200 on the weekend, recently wrote that the cryptocurrency next’s stop is likely $8,000. His charts show $8,000 as a key resistance and $7,000 to $8,000 as no man’s land from a volume profile perspective.Featured Image from Shutterstock

Leave A Reply

Your email address will not be published.