Bitcoin may have finally gotten over the $4K hurdle.
If we disregard the last 24 hour surge, we can see we had been forming a wedge at just around $4K for almost 2 months now.
A breakout was to be expected as we were teetering around $4,000 and every time we'd go slightly above we would fall but not as far as the time before. This is referred to as experiencing higher lows.
The recent surge in the the last 24 hours was likely automated trades occurring as the price pushed just high enough to trigger them. A buy order meets the criteria or price to be filled and is processed. This pushes the price higher (temporarily) and triggers another buy order. The push is like dominoes falling and eventually will end.
But the push above $4K has been slowly happening for months and we may have finally gotten over that hurdle!
Did we just get out of the bottom? Time will tell.
Hopefully it was the bottom... it would be nice to sit back and see positive moves for awhile. BTC's price actually went above the 200 day moving average for the first time in a year!
Time will tell. There are good movements right now. We will see if it will sustain.
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