Over the past few days, since the price of BTC/USD awakened from the ashes of “Black Thursday”, whereby the price dipped to the $3,600, the market has traded in a sideways pattern. Reaching an intraday high of $6,900 on Wednesday this week, bulls were in the preparedness of a break past the elusive $7,000 mark but it didn’t happen – crashing back to $6,595, as at time of publishing.
According to Luke Martin, a seasoned crypto trader and analyst, Bitcoin will only force a bullish run in the near term if bulls are able to breach past the $6,800 level. This will effectively set a short term uptrend in the top crypto’s market, breaking the rectangular pattern resistance in the process.
On the four hour charts, the last breakout at $5,600 on Mar. 19 saw the price shoot up to the $6,900 level at its peak and a similar run could set the price of Bitcoin to $8,500 key resistance level.
However, extended losses below the $6,400 mark could see BTC/USD fall back to the $5000s level with support provided at $5,670. Moreover, an extended stay below the $7,000 level may see the bears’ strength start to grow and a dip even further should be expected.
Image from TradingView
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