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Home Cryptocurrency news

Bitcoin Surges to $7,200 By 11% In Massive 1 Day Reversal, As Traders Consider Bottom

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
bitcoin price crypto
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Bitcoin price has been in a steady downtrend over the last few months, however, after a sweep of local lows earlier today, Bitcoin has absolutely exploded into what may end up being a short-term trend reversal, in a massive push by bulls above $7,200.

Bitcoin Price Reclaims Support Above $7,000

Earlier this morning, Bitcoin price fell below $6,500 in a sharp and abrupt sweep of local lows set late last month. But just mere moments after Bitcoin touched $6,450, the leading crypto asset by market cap surged by as much as $500 in a matter of minutes.

Related Reading | Bitfinex Whale Currently Underwater By Nearly $25 Million 

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After the cryptocurrency took a quick pause to consolidate over resistance turned support at $6,800, Bitcoin made a run higher and has breached above $7,200 – the first major step in a short-term reversal and a longer-term recovery.

To further instill confidence in bulls, Bitcoin‘s daily candle, if it can maintain current prices through the daily close, will close as a bullish engulfing candle, which typically indicates further upside in the subsequent price action.

bitcoin price chart

Cryptocurrency Signals Bullish Divergence on Key Indicators

In addition to the bullish candle, Bitcoin is signaling a bullish divergence on many major technical analysis indicators, such as the MACD and the Relative Strength Index.

After this morning’s drop, the RSI touched into oversold territory, then quickly burst in the other direction, setting a higher low, while price set a lower low. This usually suggests that buyers have begun stepping in for a push significantly higher.

Related Reading | Bitcoin Price Sees Abrupt $500 Surge in Minutes, Is It A Trend Reversal? 

If Bitcoin can continue to rise from here, it could reverse from its multi-month downtrend back into a bull market. However, if today’s move turns out to be a bull trap, bears may get the last laugh and push Bitcoin down to set new bear market lows – much like many other cryptocurrencies like Ethereum and Ripple have done in recent days.

The two assets fell to year-to-date losses after BTC’s most recent drop, however, these altcoins have staged a recovery alongside Bitcoin, and also could close out the year with prices a lot higher than current levels.

 

Tags: bitcoinbitcoin pricecrypto
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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