Bitcoin Surges by 5% After an Uncertain Decline
By Jamie Green – Crypto Expert
Last Sunday, many users looked to sell Bitcoin (BTC) as the market suffered a big drop to the point that not even the bulls could save it from falling through the $8,000 support level.
On Monday morning, the BTC price hit $7,800, which is a level that most analysts deemed could be a “make or break” for the cryptocurrency bull market.
However, the bulls finally came back charging at just the right moment. Judging from the graph shown in the image above, analysts were expecting a big drop to $6,500, but sentiment to sell BTC changed, bouncing back tremendously.
At this point, the world’s largest cryptocurrency rose by 5% to $8,250. Although nothing is solid at the moment, analysts are rather optimistic that making a recovery from the crucial $7,800 level is a sign of potential further gains. Breaking these levels of resistance can encourage users to buy and sell Bitcoin depending on key signs.
CoinistResearch founder and regular CNN analyst Luke Martin said that if Bitcoin can close some of the short-term candles above the $8,300 zone, he believes that the bullish momentum will catapult BTC from $8,700 to $9,000.
Crypto Rand, a well-known trader on Twitter chimed some of his own optimism, noted that if Bitcoin’s daily chart - given that it can hold out until the close comes in at five hours - appears to be a textbook tweezer bottom, which is marked by a bullish engulfing candle right after a large red candle lower. Though a bullish run suggests many are buying Bitcoin, it can still result in bearish movement after the price rise.
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