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Home Cryptocurrency news Bitcoin

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

Nick Chong by Nick Chong
1 year ago
in Bitcoin
Reading Time: 2min 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.

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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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Tags: $7000bitcoin pricebtcusdbullishtechnical analysis
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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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