The positive reports in the crypto space particularly in the last few days have made it fair to declare that the next crypto bull run is in full swing. This is the case for the Bitcoin price. It should be recalled that the leading digital currency initiated a massive bull-run that saw it move above $4,500 and $5,000. As of press time according to data given by CoinMarketCap BTC is near $5,240 which is a resistance position with more upward movement looking more and more a possibility.
In the last 48 hours, we observed a nasty upward movement beyond $4,500. The BTC/USD pair climbed above $5,000 which is a resistance region and settled above the 100-day SMA. During the recent Bitcoin bull run, there was also a break above several important resistance positions at $4,000 and $4,200. This cleared the way for a sharp rally that took the leading digital currency above $4,800 and $5,000.
Bitcoin (BTC) Price Today – BTC / USD
Main Support at $4,200 Which is the Breakout Position
There was also a break above the 50% Fibonacci retracement position via the last drop from $6,559 to $3,122. The price eventually settled above $5,000 which is a resistance area. It recently tested another major hurdle at $5,240-5,260. This represents the initial swing low near the $5,250 area. Apart from that, the 61.8% Fibonacci retracement level via the last drop from $6,559 to $3,122 is near $5,240. Hence, the downside correction came from $5250 which is a crucial technical resistance area.
The downsides are likely to remain limited because there are a number of supports at the $5,000, $4,900 and $4,840 positions. In the event that there’s an extended correction, the Bitcoin price could test $4,600 or $4,550 both of which are support areas. There is a major connecting bullish pattern with support at $4,200 via the daily chart of the pair. & 4,200 remains the main support area closest to the previous breakout position.
BTC/USD Price Analysis
From the chart, we can see that Bitcoin shifted into a strong upward movement above $5,000. Now it is facing a resistance near $5,240, and above there are chances of additional upsides at $5,500 or $5,750. $6,000 would be the final stop for buyers if there’s a proper follow above $5,500. Looking at the downside, buyers can remain active in the near term between $4,840 or $4,600.
John McAfee Says Crypto Bear Market is Over
Prominent investor and controversial crypto advocate John McAfee declared that the Bitcoin (BTC) market “has turned.” He suggested that we are the bottom. His announcement comes following reports that Bitcoin price had increased by 20% in the last 48 hours.
While most experts are looking for the catalyst of the massive price spike in Bitcoin, John McAfee made a statement that reflects the “I told you so” phase.
McAfee suggests that we have already seen the worst from the extended crypto bear market. According to him everything from here is upwards. Only time will tell if McAfee’s declaration will be sustained by the leading digital currency. We have to wait to see for ourselves. Meanwhile, enjoy this breath of life into the space while it lasts.