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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Nick Chong
Nick Chong
1 year ago
2 mins read
DeFi

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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 Shortlived

As 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.

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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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