The recent rally allowed Bitcoin to record its highest candle close in four hours since March 12, which bodes well for the feeling that the crypto market is recovering to pre-crash levels.
Related Reading: This Key Measure Suggests The Cryptography Market Downturn Will Be Short-lived
As the BTC rallied, so did the S&P 500, despite a worsening of the coronavirus epidemic, which is on the verge of reaching 1,000,000 confirmed cases, and Thursday’s jobless claims report to United States reports that a record 6.6 million workers have filed for unemployment for a week.
What’s the next step for Bitcoin?
According to analysts, given the recent price action, it is likely that the further upward trend will continue.
The GTI convergence divergence indicator Vera printed a buy signal for the Bloomberg Galaxy Crypto Index. A buy signal was last seen in early January, when Bitcoin was trading in the midst of $ 7,000. And a sell signal was seen in late February, when the BTC was trading in the midst of $ 9,000 before the infamous March 12 capitulation.
In addition, the recent price action has pushed Bitcoin decisively above the $ 6783 “decision point” indicated by prominent cryptocurrency trader Filb Filb, who is expected to fuel cryptocurrency. to join the resistance group in the range of $ 7,800 to $ 8,100.
In addition, the merchant Flood, who called the move under $ 6,200 at the weekend, recently wrote that the next stop for the cryptocurrency is probably $ 8,000. Its charts show $ 8,000 as key resistance and $ 7,000 to $ 8,000 as no man’s land in terms of volume profile.
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