Over the past two hours, Bitcoin has rapidly reversed after it passed $7,000 on Sunday. As of the time of this article’s writing, the cryptocurrency trades at $6,675, some 8% below the daily high around $7,200. BTC wicked as low as $6,580 just minutes ago.
Many Remain Bullish On Bitcoin
According to the recent price action is likely going to be a precursor to a rally to fresh multi-week highs. His chart, published when BTC was surging past $7,000 just hours ago, predicted a return to $6,600, which just took place, and then a subsequent 15% rally to $7,600, which has yet to take place. //twitter.com/MacnBTC/status/56352009To add to this, per previous reports from NewsBTC, Su Zhu of crypto and forex fund Three Arrows Capital observed that on April 10th, there was a massive Ethereum buy wall on Bitfinex. Buyers, in fact, put up a jaw-dropping 250,000 ETH worth of bids between $159 and $162, amounting to a cost of around $40 million.
Furthermore, multiple pieces of evidence — such as web traffic measured by Alexa, anecdotal stories from friends and family, and order book data — suggest that buy-side demand for Bitcoin is starting to ramp up. There are some, however, fearing that a deeper drop is on the horizon. Crypto trader Mayne shared the below chart, indicating that Bitcoin is in the midst of falling out of a rising wedge structure, textbook bearish, that was formed when the cryptocurrency hit the $3,000s back in March.— Mayne (@Tradermayne)The wedge playing out as it did back in February could see yet another leg to the bear market that Bitcoin is now embroiled in.
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