Bitcoin Has Hit A Multi-Week High! Is This The End The Bear Market, Or Just A False Breakout?


Interestingly, there is movement. From the chart, Bitcoin bulls have managed to breach a one-year resistance level in a very bullish move. If confirmed next week then for the first time in five months, there would be development towards reversing steep losses of the week ending Nov 23.

Bitcoin Price Analysis Fundamentals

After Mar 28 surge in the number of confirmed Bitcoin transactions, it seems like the value-draining crypto winter is drawing to a close. It is precisely what the community anticipates now that prices, despite the last three-four days revival, are down 75 percent from late 2017 highs.

By yesterday’s close, there were 383,186 confirmed BTC transactions, the highest year-on-year reading, gifting Bitcoin a market cap of $71.9 billion and decent daily trading volumes of around $1.05 billion according to reliable statistics from Open Market Cap. Even so, traders are apprehensive, and the failure of buyers to breach the $4,500 mark could pour cold water on developing momentum forcing prices to crumble.

Bitcoin-Weekly-Chart-Mar-29.png

Technical Indicator

From the above, it’s clear that the trend is clear and Bitcoin, after heavy losses, is bouncing back. However, before we make conclude that bulls are firmly in charge, increasing demand in lower time frames should drive prices from $4,200—or Mar 16 highs. After that, the bullish breakout bar above $4,500 must have high volumes preferably above 434k.

Source