Now that we have gotten the messy business of testing $11,000 this morning, bitcoin (BTC) it may be a signal that March is going to end on a positive note.
CoinDesk's Bitcoin Price Index (BPI) clocked a seven-day high of $11,044 at 06:30 UTC and was last seen around $10,610. Due to the retreat from the intra-day high, the cryptocurrency is now trading largely unchanged on a 24-hour basis, according to data source CoinMarketCap.
For hodlers of BTC this is welcomed news and some may have even expected this happening considering that Feb. has a long track record of being annually bearish due to a few key factors but must importantly revolving around the fact that the Chinese typically take a break in this month to celebrate their new year.
The thing that makes this news so impressive is the fact that bitcoin had dropped to three-month lows below $6,000 on Feb. 6. Unfortunately based on the current chart, the "V"-shaped recovery may have already run out of steam in the low $11,000 range. And it has done this twice in the past seven days.
Most traders believe that volumes will likely rise if BTC sees longer-term bullish reversal via a break above the confluence of the inverse head-and-shoulders neckline and the descending trendline resistance.
This is just a fancy way of saying that if the bulls can push past resistance into new high territory buyers will come back!
What do you guys think will happen with BTC in the next few months? Are we seeing the slow and steady return of bulls in the market here or is this just a fools mission before heading back down to previous lows?
Please leave your thoughts below!
Source:
Bitcoin Brushes $11K as Bull Case Strengthens - CoinDesk
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CoinDesk