Over the past hour, Bitcoin has continued to rip higher, adding to the 8% in gains registered on April Fool’s Day. As of the time of writing this article, the cryptocurrency trades for $6,875, the highest price since March 27th.
The recent rally allowed Bitcoin to register its highest four-hour candle close since March 12th, boding well for the sentiment that the crypto market is in the midst of a recovery to pre-crash levels.
Related Reading: This Key Metric Suggests the Crypto Market’s Downturn Will Be Shortlived
As BTC has rallied, so too has the S&P 500, despite a worsening coronavirus outbreak, which is on the verge of reaching 1,000,000 confirmed cases, and Thursday’s jobless claims report in the U.S. stating that a record 6.6 million workers filed for unemployment in the span of a week.
What’s Next For Bitcoin?
According to analysts, with the recent price action in mind, there’s a good likelihood upside continuation will pan out.
The GTI Vera Convergence Divergence Indicator printed a buy signal for the Bloomberg Galaxy Crypto Index. A buy signal was last seen early on in January, when Bitcoin was trading in the mid-$7,000s. And a sell signal was seen near the end of February, when BTC was trading in the mid-$9,000s prior to the infamous March 12th capitulation.
Furthermore, the recent price action has pushed Bitcoin decisively above the $6,783 “decision point” indicated by prominent crypto trader Filb Filb, which should give the cryptocurrency fuel to rally towards the cluster of resistance in the range of $7,800 to $8,100.
Furthermore, trader Flood, who called move under $6,200 on the weekend, recently wrote that the cryptocurrency next’s stop is likely $8,000. His charts show $8,000 as a key resistance and $7,000 to $8,000 as no man’s land from a volume profile perspective.
Featured Image from Shutterstock
