Bitcoin is firmly caught in the midst of a huge bullish trend. This was clearly seen yesterday when the cryptocurrency rebounded to a high of $ 10,000 before facing a slight rejection that led it to go down.
This is a massive move of $ 1,000 which marked a significant extension of the momentum that was engaged for the first time when crypto recovered from its capitulatory decline at lows of $ 8,100.
Because buyers have fought hard for this level and have since given BTC a sustained momentum, it looks like it is well positioned to see further bullish.
A trader now notes that Bitcoin appears "cleared for takeoff" because it is showing signs of an extremely bullish market structure.
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Analysts believe this next move could send it to new annual highs.
Bitcoin sees noticeable increase overnight as analysts expect higher gains
At the time of writing, Bitcoin is trading at just under 7% at its current price of $ 9,700.
Overnight, BTC peaked at just under $ 10,000 before facing a slight rejection that brought it to the $ 9,000 region.
This decision allowed him to firmly overcome all the resistances he had previously faced around $ 9,200 and $ 9,500.
It is also important to note that this momentum marks the continuation of the macro bullish trend that Bitcoin incurred in mid-March when it recorded a "V-shaped recovery" of as low as $ 3,800.
This recovery has also occurred against a backdrop of global turmoil, as the stock market begins to show signs of seeing a new leg down, while global coronavirus-induced locks show few signs of caving anytime soon.
The current strength of the benchmark cryptocurrency might be enough to give you a significant boost that gives you more room to function.
A popular pseudonymous analyst on Twitter talked about it in a recent tweet, explaining that Bitcoin seems "clear for takeoff".
"The weekly Bitcoin Heikin Ashi seems clear for takeoff," he said, pointing to the graph below.
Image courtesy of Big Cheds
BTC set to reach new annual highs
It is quite possible that the benchmark cryptocurrency will soon be reaching new heights as its technical strength begins to increase.
These highs are currently set at $ 10,500, and this is an important technical level that closely coincides with a downtrend line formed as a result of the decline in crypto from the highs of 13800. $ during the summer months of 2019.
Another popular merchant recently explained who expects BTC to test this key level in the coming days, saying:
“BTC access granted to bulls. The price is trading above my bullish trigger, let's see if it holds. Above monthly + weekly S / R levels as well as the high and low time range. Keep holding above ~ $ 9,350 and I see us shoot for $ 10.5k. "
Image reproduced with the kind permission of HornHairs
Featured image from Unplash.