Following a brief selloff that led Bitcoin down to lows of $5,800 overnight, the crypto has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region.
It now appears that bulls are in the process of attempting to form an EMA bull cross, which could bolster its price action in the hours ahead.
Furthermore, bulls are also attempting to surmount a key resistance level that was recently established, leading one analyst to note that a weekly close above this level could lead it to rally up towards $7,700.
Bitcoin Sees Massive Rebound as Bulls Post Ardent Defense of $5,800
At the time of writing, Bitcoin is trading up just under 10% at its current price of $6,490, which marks a notable climb from daily lows of $5,800 that were set overnight following the crypto’s break below $6,000.
It now appears that the benchmark cryptocurrency is pushing up against key resistance at $6,500, with a break above this level potentially opening the gates for significant near-term upside.
As for what could push BTC above this resistance, Big Cheds – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that he believes it is flexing a “potential 8/34 EMA bull cross” on its 4-hour chart.
“Bitcoin 4 hour -Flexing a potential 8/34 EMA bull cross,” he noted while pointing to the chart seen below.
This formation could significantly bolster the crypto’s near-term price action if it is confirmed in the coming several hours.
BTC Pushes Past Key Resistance Level; Opening the Gates for a Move to $7,700
As for how high a confirmed break of the current resistance that Bitcoin is facing could send it, one analyst is noting that he is eyeing a movement up towards $7,700.
Teddy, another popular cryptocurrency analyst on Twitter, recently shared a chart showing two potential paths for the crypto, noting that it is currently in the process of taking the bullish route.
“Looks like BTC picked the green way,” he said while pointing to the below chart.
The upside target seen on the chart he references exists at roughly $7,700, which would mark a notable climb from where BTC is currently trading at.