Bitcoin has recently experienced a huge bull move after the digital currency crashed down to $7,300. Initially, it looked like the bears took total control over Bitcoin by setting a new lower low, however, after one day of sideways trading, the bulls came back stronger than ever boosting Bitcoin up to $8,799 in minutes.
The bull move didn’t stop there as the next day, the bulls were able to take Bitcoin above $10,000 with another massive move.
Bitcoin went from $7,361 to $10,370 within 24 hours, a 42% price increase. According to Coinmetrics data, this was the 3rd largest daily gain in price history for Bitcoin.
The market data also transcribed that the only two previous times that Bitcoin saw a similar move, it was only trading at $0.40 and $5.65.
Bitcoin is currently in a strong daily uptrend and it’s trading above both EMAs which are currently seeing a bull cross.
The 4-hour chart has set a nice higher low at $8,855 and the bulls are now looking to break the high of $10,370 or at least set a lower high. The RSI, however, is still overextended, something that could slow down the bulls in the short term.
The weekly chart has changed too, BTC was able to break above both EMAs with a good amount of volume. The weekly chart is still in a downtrend, however, the bulls seem to have a lot of momentum, perhaps enough strength to break above $10,905 in one move. The bulls would still need to set a higher low in order to confirm an uptrend.
The monthly chart shows strong support around the 26-period EMA as the bulls were able to bounce back from it after the initial crash. The recent bottom of $7,300 could very easily be confirmed as the higher low compared to $3,156.
It’s also important to note that the halving is getting closer and historically, Bitcoin has seen huge price increases long before the event.