Bitcoin Recent Price Analysis

[DanielMidy]

Traders may empirically learn a lesson that periods of low volatility often come to a fierce end.

After a period of bitcoin trading sideways, just yesterday, the price of Bitcoin finally broke through $7,000 and is expected to continue to rise, breaking through the $7,800 mark.

This breakthrough is not without warning. Just the day before yesterday, bearish bitcoin futures bets hit the lowest point, which is also a sign that the bitcoin market will turn into a bear market.

However, the bitcoin market does not seem to be affected by the rejection of the ETF proposal, which means that the bitcoin bear market has already reached the bottom of the bottle, and the bull market will be launched.



As can be seen from the above four-hour price analysis chart, the price has been hovering between $6,700 and $6,850, the bulls continued to ultimately pass the peak of the prior rally ($6,899) seen on Aug.22. The next resistance is expected to be The price of $7,165.

A short-term pullback to prior resistance($6899) would be considered healthy, as price often falls back to prior resistance in order to prove it can hold as support.

Since April, Bitcoin prices have been at a standstill against the lowest point, and according to EMAs (100), Bitcoin has formed an upward momentum. During this period, the biggest resistance price was $7,800. So it is highly probable that Bitcoin will break through 7,800 again.