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Following a brief selloff that led the Bitcoin price down to lows of $5,800 overnight, BTC has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region.
It now appears that bulls are in the process of attempting to form an EMA bull cross, which could bolster its price action in the hours ahead.
Furthermore, bulls are also attempting to surmount a key resistance level that was recently established, leading one analyst to note that a weekly close above this level could lead the BTC price to rally up towards $7,700.
As for what could push Bitcoin above this resistance, Big Cheds – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that he believes it is flexing a “potential 8/34 EMA bull cross” on its 4-hour chart.
“Bitcoin 4 hour -Flexing a potential 8/34 EMA bull cross,” he noted while pointing to the chart seen below.
This formation could significantly bolster the crypto’s near-term price action if it is confirmed in the coming several hours.
As for how high a confirmed break of the current resistance that Bitcoin is facing could send it, one analyst is noting that he is eyeing a movement up towards $7,700.
Teddy, another popular cryptocurrency analyst on Twitter, recently shared a chart showing two potential paths for the crypto, noting that it is currently in the process of taking the bullish route.
“Looks like BTC picked the green way,” he said while pointing to the below chart.
The upside target seen on the chart he references exists at roughly $7,700, which would mark a notable climb from where BTC is currently trading at.
Bitcoin Starts Strongest Quarter Q2 With Price Down Just 10% YTD
Bitcoin (BTC) has in total suffered just 10% from the coronavirus outbreak which obliterated stocks and caused the United States to print $6 trillion.
That was according to the latest quarterly price data from monitoring resource Skew.com on March 31, which showed that for Q1 2020, BTC/USD is only down by around 10.7%.
At press time, the pair remained higher after seeking new support at $6,500 on Monday.
At those levels, the pair is just $700 lower than its position at the start of 2020, and $3,800 beneath its current year-to-date all-time high of around $10,300.
Bitcoin has advanced 75% in the two weeks since hitting its quarterly low — in a volatile period, that recovery at one point reached 90% as markets peaked at over $7,000 on some exchanges.
As such, Bitcoin now looks increasingly resilient as an investment option versus traditional markets, which are still trailing much more as a result of coronavirus.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.