{"id":420276,"date":"2020-04-08T19:00:38","date_gmt":"2020-04-08T19:00:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=420276"},"modified":"2024-06-11T13:47:16","modified_gmt":"2024-06-11T13:47:16","slug":"bitcoin-on-the-brink-of-an-explosive-bull-rally-heres-what-will-trigger-it","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-on-the-brink-of-an-explosive-bull-rally-heres-what-will-trigger-it\/","title":{"rendered":"Bitcoin on the Brink of an Explosive Bull Rally; Here\u2019s What Will Trigger It"},"content":{"rendered":"<p>Bitcoin and the entire crypto market appears to have entered another bout of sideways trading within the lower-$7,000 region, with bulls struggling to surmount the resistance that has been formed around $7,300.<\/p>\n<p>The price action seen throughout the past couple of weeks, however, seems to suggest that this consolidation may be short-lived, as it is on the cusp of breaking above a critical trendline.<\/p>\n<p>A clean break of this trendline could send BTC rocketing up towards its next key resistance level around $9,000, according to one prominent analyst.<\/p>\n<h2><strong>Bitcoin Enters Consolidation Phase, But It Could Be Gearing Up for a Big Movement<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>Currently, <a href=\"https:\/\/uniquehot.com\/2020\/03\/11\/bitcoin-risks-breakdown-to-6-5k-as-selling-continues-near-long-term-support\/\">Bitcoin<\/a> is trading down just over 1% at its <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\">current price<\/a> of $7,250, which is around the level at which it has been trading at throughout the past day.<\/p>\n<p>This sideways trading comes shortly after the crypto posted multiple rejections at $7,500, with the selling pressure existing around this level proving to be insurmountable for bulls in the near-term.<\/p>\n<p>Because consolidation below resistance is a historically bullish signs, this current price action may simply mark bulls attempting to drum up greater strength before making their next big push.<\/p>\n<p>Galaxy, a prominent crypto analyst on Twitter, offered a highly bullish near-term possibility to his followers, explaining that the benchmark cryptocurrency is currently pushing up against a key descending resistance level.<\/p>\n<p>He notes that a decisive break above this level will open the gates for a swift movement to $9,000.<\/p>\n<blockquote><p>\u201c$6800 &#8211; $9000 is the dream trade I&#8217;m waiting for. There is also a slight chance we can break the green line today\/tomorrow and just go for it. Either way, I&#8217;m patiently waiting to start riding the train to 9K,\u201d he noted.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">$6800 &#8211; $9000 is the dream trade I&#39;m waiting for.<\/p>\n<p>There is also a slight chance we can break the green line today\/tomorrow and just go for it.<\/p>\n<p>Either way, I&#39;m patiently waiting to start riding the train to 9K.<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/t.co\/kxJ8LyRacL\" rel=\"nofollow\">pic.twitter.com\/kxJ8LyRacL<\/a><\/p>\n<p>&mdash; Galaxy (@galaxyBTC) <a href=\"https:\/\/twitter.com\/galaxyBTC\/status\/49667074?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Multiple Technical Factors Support This Notion<\/strong><\/h2>\n<p>Mac, another popular cryptocurrency analyst on Twitter, explained that multiple technical factors point to the possibility that Bitcoin will make a near-term movement towards $6,800 before <a href=\"https:\/\/uniquehot.com\/2020\/02\/12\/its-clear-skies-to-12000-after-bitcoin-breaks-this-one-key-level\/\">rocketing up<\/a> to its CME gap at roughly $8,600.<\/p>\n<blockquote><p>\u201cBTC bullish scenario &#8211; Rejection here $7450-$7650 on weekly &#8211; Retrace to $6800-6650 &#8211; Fill up CME gap in few 4-8 weeks,\u201d he noted.<\/p><\/blockquote>\n<p>https:\/\/twitter.com\/MacnBTC\/status\/31709441<\/p>\n<p>Although it does appear to be a strong possibility that <a href=\"https:\/\/uniquehot.com\/2020\/04\/05\/bitcoin-whales-play-liquidation-games-as-analysts-eye-buyer-activity-at-key-support\/\">Bitcoin<\/a> will make a short-term movement down towards $6,800, the support at this region could be enough to send the cryptocurrency skyrocketing higher in a move that erases virtually all of its recent losses.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and the entire crypto market appears to have entered another bout of sideways trading within the lower-$7,000 region, with bulls struggling to surmount the resistance that has been formed around $7,300. The price action seen throughout the past couple of weeks, however, seems to suggest that this consolidation may be short-lived, as it is on the cusp of breaking above a critical trendline. A clean break of this trendline could send BTC rocketing up towards its next key resistance level around $9,000, according to one prominent analyst. Bitcoin Enters Consolidation Phase, But It Could Be Gearing Up for a Big Movement\u00a0 Currently, Bitcoin is trading down just over 1% at its current price of $7,250, which is around the level at which it has been trading at throughout the past day. This sideways trading comes shortly after the crypto posted multiple rejections at $7,500, with the selling pressure existing around this level proving to be insurmountable for bulls in the near-term. Because consolidation below resistance is a historically bullish signs, this current price action may simply mark bulls attempting to drum up greater strength before making their next big push. Galaxy, a prominent crypto analyst on Twitter, offered a highly bullish near-term possibility to his followers, explaining that the benchmark cryptocurrency is currently pushing up against a key descending resistance level. He notes that a decisive break above this level will open the gates for a swift movement to $9,000. \u201c$6800 &#8211; $9000 is the dream trade I&#8217;m waiting for. There is also a slight chance we can break the green line today\/tomorrow and just go for it. Either way, I&#8217;m patiently waiting to start riding the train to 9K,\u201d he noted. $6800 &#8211; $9000 is the dream trade I&#39;m waiting for. There is also a slight chance we can break the green line today\/tomorrow and just go for it. Either way, I&#39;m patiently waiting to start riding the train to 9K.$BTC pic.twitter.com\/kxJ8LyRacL &mdash; Galaxy (@galaxyBTC) April 8, 2020 Multiple Technical Factors Support This Notion Mac, another popular cryptocurrency analyst on Twitter, explained that multiple technical factors point to the possibility that Bitcoin will make a near-term movement towards $6,800 before rocketing up to its CME gap at roughly $8,600. \u201cBTC bullish scenario &#8211; Rejection here $7450-$7650 on weekly &#8211; Retrace to $6800-6650 &#8211; Fill up CME gap in few 4-8 weeks,\u201d he noted. https:\/\/twitter.com\/MacnBTC\/status\/31709441 Although it does appear to be a strong possibility that Bitcoin will make a short-term movement down towards $6,800, the support at this region could be enough to send the cryptocurrency skyrocketing higher in a move that erases virtually all of its recent losses. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":420041,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,1144],"class_list":["post-420276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin on the Brink of an Explosive Bull Rally; Here\u2019s What Will Trigger It<\/title>\n<meta name=\"description\" content=\"Bitcoin&#039;s current consolidation may be short-lived, as it is on the cusp of breaking above a critical trendline that could lead it up to $9,000\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-on-the-brink-of-an-explosive-bull-rally-heres-what-will-trigger-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin on the Brink of an Explosive Bull Rally; 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