Bitcoin [BTC] price finally moved up across the board where a $250 rise in four hours seems like a lot. Nevertheless, there are other positive signals as well reinforced by this rise.
The CEO of Binance, Chanpeng Zhao, noted in a hysterical tweeted,
I am glad though. For a second there, I was worried that people may start to classify #bitcoininto a stablecoin. Who said volatility is bad?
The price of Bitcoin logs a high near resistance from the monthly high around $9450, as the market sentiments are at the edge looking for a decisive breakout. The CEO of the leading derivatives exchange, BitMEX, also commanded BTC to move in a comic tweet. The total number of short liquidation on BitMEX was nearly 27.8 million.
The volumes on exchanges had been dropping considerably and in the absence of the positive catalyst whales finally seems to have moved the asset up. Moreover, the uptrend in gold and silver along with the strength in the stock market seems to be reinforcing bullish sentiments.
Traders Looking to Long
While it is a little early to say now before we see clear consolidation above the trendline, the price seems to be breaking above the long-term bearish resistance on a weekly scale. The closing in the next couple of week will be instrumental. Moreover, this is the 12th week of consolidation near resistance.
The trendline is inspired by Peter Brandt’s elephant signal back in March. The downtrend since 2017 high is been instance below this resistance for the past 2.5 years. Another perspective of the long-term breakout was shared by Raoul Pal. It suggests a bullish flag formation on the logarithmic scale.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org