Finally, Bitcoin Bulls have returned and market is now seeing some Bullish momentum from Bitcoin.
A few hours ago, Crypto market seemed to be dull and nothing 'exciting' was happening. Bitcoin was trading around $6700-$6800 and looked quite Bearish at that time. Many professional traders were believing that we were gonna see a further Bearish trend and BTC might had fallen to $4000-$5000.
But contrary to all those beliefs, Bitcoin surged by $1000 within 60 minutes.
A steep rise from $6800 to almost $8050. A sudden $1250 (20%) price increase within 60 minutes.
Although, BTC has broken a short-term support $7400 but still a strong support at $9050 still remains. And in order to change the overall Bearish trend into Bullish, BTC has to cross $9000 level.
Let's have a look at BTC price chart :
For now, we're kinda out of woods but still there's a slight possibility that this whole price pump may turn out to be another price manipulation or price-squeeze.
In order to really come out of the woods, Bitcoin has to cross $9050 level. Until then, I would advise everyone to be cautious and use stop-loss for every BTC trade.
On the other hand, Alt coins experienced a sell-off as soon as Bitcoin started its Bullish trend. Well, its normal in crypto and everything will be alright if Bitcoin continues its slow upward rally.
Thanks for reading...!!
Odds of Bitcoin to 25k by the end of May
Bleek.
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