Bitcoin has gone up 5.52% in the last 24 hours alone adding some $330.03 on to its the price. The cryptocurrency which recently plummeted from $10500 currently trades at $6,657.51. Bitcoin is facing a bullish trend pushing the cryptocurrency towards breaking the $7000 price ceiling.
As of April 2, 2020 bitcoin jumped to $6600 area and was pushing hard to climb above the $7000 deadlock. The cryptocurrency broke through the $6500 zone with a huge price shift of around $330 which brought up the Cryptocurrency’s Price. Although Bitcoin did not show signs of any short term consolation at the $6600 are, the price indicates less volatility. Once the cryptocurrency maintains its current price in the next 24 hours, the Bulls could push BTC price to the $7000 price ceilings.
Bullish Trends in the BTC/USD Charts, Price Rallies
Bitcoin managed to cause a surprising jump from the $5700 area to the higher sides of $6600. The cryptocurrency which had accelerated the previous week due to huge institutional sell-off and high retail purchase climb again to $6600. Current prices are steadily moving towards the $7000 price bounty while the market is still plunged into the COVID-19 Crisis.
BTC/USD 4-hour charts indicate prices currently resting freely around the $6600 area without much resistance. The cryptocurrency is following a bullish trend with no much volatility as price slowly ticks towards $7000 by the seconds. If and only if prices could break the $7000 zone in the coming 24 hours, Bitcoin’s chances of breaking the $8000 zone within a few days would be hyped. On the other hand, a decline below the $6500 benchmark could shift prices further downwards to the $5700 area once again.
Recently BTC price was recorded above the dynamic level of 20 EMA, as well as the Kijun and Tenkan line. The dynamic level will most likely rally strong support to allow price break high resistance areas. Meanwhile, the Kumo Cloud as well is indicating massive support expected to hold prices on the northward ends in the coming days. With the MACD lines resting near the 0.00 level and confound with the charts BTC needs another Bullish push to add some confluence to the entire bullish pressure within the market.
Can BTC maintain current Price Levels and Break larger Barriers?
Meanwhile, BTC managed to exceed last week’s Bearish gap and push higher, the cryptocurrency is struggling to regain more of it’s recently shedded values. Although the long term trends still favor the Bears against the Bulls, BTC managed to retrace 50 percent of the Fibo level. However, the cryptocurrency has surpassed the Fibo 50 Level in order to ignite more price gains.
The current Bitcoin price levels indicate a high potential to recover beyond the $8000 price levels. BTC has to break beyond the $7000 price levels for the bulls to sustain a successful move towards the $8000 price boundary. On the other hand, a daily close of below $6500 could mean prices going below the $5700 price floor once again.
Support indicators such as the dynamic level of 20 EMA reside above the current price. This indicates that once the price breaks the daily close, the Bulls may rally further. However, a rejection from the dynamic level may lead the price to fall more below the $6500 level. The RSI indicator line as well is on an upward trend showing signs of sustainability. The MACD line sits below the 0.00 level and the Bulls intersect showing an upward moving.
In conclusion, Bitcoin has higher chances of breaking the $7000 price ceiling now than in the past weeks. Should the cryptocurrency manage to break beyond $7000, prices could easily rally to $8000 and above. However, a decline in prices below the $6500 price floor could shift prices further downwards.