Bitcoin Bulls Bring Out Hammer Of Thor Reversal, But Support Must Hold

[Btceth01]

Bitcoin price is back now at the mid $30,000 range after a quick plunge below $30,000 support this week. The short lived dip below support finally resulted in a worthwhile bounce, leaving behind a reversal signal that in the past has had god-like results. If crypto bulls can hold at current prices by the time the weekly candle closes, a larger upward move could be on the horizon. Bitcoin Price Forms Bullish Reversal Signal On Weekly The wild returns across crypto in 2021 are now a distant memory, having every last penny of the Bitcoin bull run from January 1 forward wiped out in the most recent drop below support. For months now $30,000 has held as support. But bears were able to push the price of the leading cryptocurrency by market cap to the yearly open at $28,800. Related Reading | The Missing Ingredient From A Full On Bitcoin Reversal It was at that significant support level that Bitcoin bounced, and bulls were finally able to gain some momentum over the last few days.The respectable attempt by bulls to resume the greater bull rally could hold, now that a bullish hammer reversal has formed on the weekly chart. For the signal to be valid, Bitcoin would need to close the weekly at $34,500 or higher.Source