Bitcoin Bulls Rally BTC/USD Off a New 2-Week Low To Top $7,000
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TRADERTALKESNET – The bitcoin price on Thursday bounced off new 2-week lows of about $6,443 to surge towards $7,150 as crypto whales increased their positions. The pioneer cryptocurrency had plunged during the week in a descending channel amid bearish bias in the market sentiment.
Bitcoin has now broken out of the bearish channel with the bulls looking to trigger a reversal that could lead to full recovery. The price of bitcoin had surged to trade above the 50% Fib level in a bid to recover from the Feb.-March plunge.
From a fundamental perspective, bitcoin appears to be facing a reality check amid the coronavirus pandemic. This is the first real challenge the cryptocurrency industry if facing in a long time. While the traditional financial markets tend to suffer from volatility shocks and uncertainty about economic growth, bitcoin has continued to prove critics wrong. However, the coronavirus-driven market crash appears to have caught up with it alongside the rest of the global financial markets.
Nonetheless, after a considerable period of bearish pressure and a lack of definitive bullish movement, the cryptocurrency market could start to benefit from on-risk trading. This comes after considerable progress in trying to get on top of the adverse effects of the coronavirus pandemic. Furthermore, the latest US data showed nothing much to bet on, which adds pressure to the greenback. This could result in a temporary rise in the price of BTC/USD.
Technically, the BTC/USD appears to have recently made a bullish breakout off a descending channel. This indicates an attempt by the bulls to take short-term control of the bitcoin price. The rally temporarily pushed bitcoin to overbought levels of the 14-hour RSI in the 60-min chart.
The bulls will be looking to extend the current gains towards $7,257 or higher at $7,428. On the other hand, the bears will target pullback profits at around $6,835 or lower at $6.617.
In the daily chart, the BTC/USD appears to be on a recovery trail after bottoming at $3,858. The price of bitcoin is now pegged just below the 50% Fib level at $7,026 after the recent pullback.
The bulls will be targeting long-term profits at around 61.80% and 76.40% Fib levels at $7,970 and $8,898, respectively. On the other hand, the bears will be looking to pounce at around 38.20% and 23.60% Fib levels at $6,373 and $5,409, respectively.
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date : 2024-01-23 12:41:19
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