Bitcoin Rips to $6,750 In Move Reminiscent of Last Year’s 25% April Fool’s Rally

[Cordillerabit]

Since NewsBTC’s last market update,

Bitcoin has continued to rip higher, recently hitting $6,750. With this, the cryptocurrency is up nearly 9% from the daily lows around $6,200, and up over 16% from the weekend lows at $5,800.

Although not on the same magnitude, many have likened Bitcoin’s recent price action to the 25% surge seen on April Fool’s and April 2nd last year, which was a move that kickstarted a rally from the $4,000s to $14,000 by mid-June.

Analysts believe that the cryptocurrency could continue higher.

Could Bitcoin Continue Even Higher?

Prominent cryptocurrency trader Flood, who called Bitcoin’s weekend move under $6,200, recently wrote that the cryptocurrency next’s stop is likely $8,000. His charts show $8,000 as a key resistance and $7,000 to $8,000 as no man’s land from a volume profile perspective.

Also, according to Bloomberg, the recent price action has allowed a key buy signal to appear: the Bloomberg Galaxy Crypto Index (an index of the top digital assets that includes Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and EOS) recently printed a buy signal, according to a trend indicator, the GTI Vera Convergence Divergence Indicator

A buy signal was last seen early on in January, when Bitcoin was trading in the mid-$7,000s. And a sell signal was seen near the end of February, when BTC was trading in the mid-$9,000s prior to the infamous March 12th capitulation, which has since been dubbed “Black Thursday.”

Article Source: https://www.newsbtc.com/2020/04/02/bitcoin-surges-6750-in-move-reminiscent-2019s-25-april-fools-pump/