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While hopes for an upside trend return of Bitcoin (BTC) continue to dash out, analyst has disclose that Bitcoin’s price is currently at a key level after reaching its lowest level since 2015.
This was pronounced in a research by the advisor of Fundstrat Global, Robert Sluymer, where he mentioned that with the Relative Strength Index (RSI) measure, “BTC is again at historically oversold levels and is retesting important support that needs to hold to suggest a bottom is developing.”
Sluymer stressed the $3,100 level drop experienced recently as a watching point for the next drive of the coin. Sluymer believes a drive below the $3,100 mark would mean a plunge towards $2270, whereas $4200/BTC could be achieved soon if the asset trends higher above the support level.
Bitcoin (BTC) Returns On The Upside Trend, Bullish Race Aims $4200 With Home Target, $7500
The assertion from the market analyst which was published on MarketWatch has since been a benchmark for crypto lovers and investors despite the unpromising market situation, as they watch out for the next direction BTC would be facing in the next few days.
Without unnecessary delay, the sleeping giant woke up for the market lead race. After a stressed low grind stability in the market around $3,300, BTC scaled through the market hurdles to return for a bullish trend.
Looking at the last 24 hours market chat, BTC/USD earlier maintained a low price along the deepening structure, but did not make a new low or test for a lower support level.
After a slight plunge from $3,365 to $3,352 at the late hours of the North American trading session yesterday, the cryptocurrency clinched on the upside trend as at the end of the North American trading session with an relentless effort.
Bitcoin (BTC) maintained between $3,381 and $3,317 price in the market for the next 10 hours finding a new support around this point.
Just like Oliver Twist, the cryptocurrency wanted more. Bitcoin (BTC) pushed in for another higher resistance level, and this time with a higher bullish tempo in the market as the coin look relentless.
As at the end of the European trading session today, BTC had pushed higher closing in on $3,454 as it finds another support around the $3400 mark. While on the rising wedge, BTC/USD marched for an alternative high value that seems to be signaling sight for $4200.
In no time, BTC value against dollar rose to $3700, and as at press time, the cryptocurrency has already found a solid support around $3600. Despite the slight plunge, BTC has signaled an imminent bull race, and if maintained, it would likely reach the $4200 mark as envisioned by Sluymer.
The Fib retracement tool depicts a 38.2% high against the previous $3300 low. Bitcoin (BTC) is likely to revisit the $3700 resistance market after the latest slight deep.
An upper correction might test the 70% Fib at $4,000 or the 75% Fib closer to the top of the channel and $4,200 mark.
Other observers have opined that a move above $4,200 will create a drive home to the $7,500 old price.