Bitcoin Rips to $6,750 In Move Reminiscent of Last Year’s 25% April Fool’s Rally
[NEWS BLOG]: Bitcoin Rips to $6,750 In Move Reminiscent of Last Year’s 25% April Fool’s Rally
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.”
OTHER RELATED NEWS
Billionaire Investor Henry Kravis Makes First Crypto Investment
Billionaire investor and philanthropist Henry Kravis is dipping his toe into the world of crypto assets.
According to a piece by Bloomberg on Friday, Kravis – who is co-founder of global investment firm KKR & Co. – is said to have invested in a cryptocurrency fund offered by ParaFi Capital.
The news comes via ParaFi founder and CIO Ben Forman, a former KKR employee who left to form the San Francisco-based digital asset startup. Bloomberg said a spokeswoman for Kravis has declined to comment on the investment.
Forman describes ParaFi Capital as an “investment firm focused on the blockchain ecosystem” - read more.
Bitcoin Plays With USD 9,000, While Virus Fears Weigh on Stocks
Bitcoin (BTC) is once again trading around USD 9,000, while the risk-off sentiment has hit stock markets across the globe hard in recent days.
At pixel time (10:35 UTC), BTC trades at c. USD 9,010 and is up by 4% in the past 24 hours and the past week. Earlier today, the price reached USD 9,100 before dropping to almost USD 8,900 and moving back to USD 9,000.
Also, while the U.S. S&P 500 stock index has sold off about 2.2% over the past three days, the number one cryptocurrency is up by about 8% over the same time period.
Although - read more.
Statistics: Bitcoin Will Tumble to $6,000, Maybe Lower, If Bears Take Control Now
Despite the tepid price action over the past two days, Bitcoin has been on a remarkable rally over the past five weeks.
As this outlet reported recently, the cryptocurrency has done so well that as of Monday morning, BTC had printed five — yes, five — green weekly candles in a row for the first time since 2019’s small bull run, as analyst JofDom noted. The candles represent a rally of nearly 100%.
This is a stunning rally that has had analysts wanting more upside. For instance, a trader published the below chart, showing that there are remarkable similarities between the bottom - read more.