Bitcoin price bull case still strong as a few factors suggest upside could be imminent in the days and weeks ahead
At press time, the Bitcoin price is rising slightly at the current price of $ 9,799, marking a notable escalation from the recent lows of $ 9,400. It seems that Bitcoin bullish is still there, and even there appear a few factors that show that the uptrend may be imminent in the following days and weeks.
BTC 4 hours chart | Source: Trandingview
Bitcoin price is flashing signs of strength despite the consolidation phase
A rally followed this decline to a high of $ 9,900, but buyers could not sustain the momentum, and it pulled back to its current price. Meanwhile, the price movement of Bitcoin yesterday also partly confirms the existence of a relatively tight trading range between $ 9,400 to $ 9,900. Until the price of Bitcoin can break a decision above one of these levels, its short-term trend will remain unclear.
Over the past week, the monthly candle was able to overcome an important descending trend line that was formed and respected in the period after it rose to a high of $ 13,800 last summer. The chart below shows the trend to flip this decision. However, BTC must close its monthly candle on this line so it can gain further momentum.
Source: CryptoBirb
According to analyst Josh Rager’s chart, the current resistance level of about $ 10,100 makes sense from a macro perspective. He emphasized that BTC needs to close the weekly candle only higher than a few hundred dollars to be able to enter the territory of substantial price appreciation.
Come on $BTC, we just need you to close a few hundred higher on the weekly pic.twitter.com/klE6cKNV0w
— Josh Rager ? (@Josh_Rager) June 9, 2020
The coming days will give investors more clarity on where Bitcoin may be trending in the coming months. Even so, Bitcoin remains slightly below a fundamental horizontal resistance level that is stunting its growth. Still, significant are noting that a break above this level could be enough to spark a massive uptrend.
Options traders to grow increasingly bullish on the cryptocurrency
Overnight, traders pushed Bitcoin to both the upper and lower boundaries of this trading range, cleansing the market of overleveraged longs. Overnight, traders pushed Bitcoin to both the upper and lower boundaries of this trading range, cleansing the market of overleveraged longs.
Su Zhu, the CEO of Three Arrows Capital, stated about this trend as below:
CME $BTC options open interest is nearly entirely in calls (upside moves)
— Su Zhu (@zhusu) June 9, 2020
Options traders on the CME may be gravely mistaken about the cryptocurrency’s near-term outlook. Bitcoin’s positive funding and the high quantity of underwater long positions are both grim signs for where it goes next.
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