Bitcoin price astonished the crypto space with a huge jump of more than 10%, an inch close to smash $40,000 mark
A substantial pull back also made its way but the price yet maintained its bullish momentum and stood above $38,000
Bitcoin price currently standing at $38,460 with a jump of more than 10% raised many eyebrows. As for the reason that the BTC price consolidated for more time than expected, the price had plateaued of-let. But since the B-Word Event, featuring Tesla CEO Elon Musk, Twitter CEO Jack Dorsey and ARK Investment CEO Cathie Wood, the entire crypto space flipped the bears.
Most of the assets gained huge bullish momentum and flipped the bears within no time. As per some reports, BTC witnessed a huge short squeeze that pushed the price towards the mid-range. However, if the price held strong above these levels, then the possibilities of attaining a higher range in between $42K to $43k could be imminent.
However, with the sudden change in the BTC price movement, it is difficult to ascertain whether the current surge is the beginning of a bull market or just a hype? As the price entered accumulation yet again, after a notable jump.
The BTC price is ranging in between 50-day and 200-day MA as stated in the chart above. More importantly, the current flip is harder to validate a bull run until the levels above 200-day MA are frozen. Therefore, the levels around $44,720 are extremely important to keep the bullish momentum intact.
Interestingly, the price successfully reclaimed the 50-day MA which it had lost amid the mid-may crash. The price has reversed the trend in a similar fashion during mid-October 2020. After which the price rose remarkably to $64,000 from $11,000. And hence the current flip may also rally the price above the current ATH.
The RSI which has followed a descending trend since the start of 2021, broke the pattern to rise high. Therefore, the 200-day MA levels around $44K becomes extremely crucial for the Bitcoin price to determine the end of bears. However, a substantial rise above $45,000 could confirm with the bull that could push the BTC price a step close to $100K