Bitcoin Sees 23.04% Increase, Going for a Bull Run?

Although the Crypto market is facing a crypto winter and has significantly shown a decline for months, Bitcoin is having a pullback to the $21,000 level after dropping down from the $68,000 and touching the resistance zone of $18,000.

The largest cryptocurrency by market cap, Bitcoin (BTC), is gaining more value above the resistance $20,000 zone and moved higher. Ever since the market crash, everyone is hoping for a reversal of the market conditions from the downtrend.

Based on the daily chart for BTC/USDT chart, the daily candle touches near the support zone of $16,000-$21,000 and it’s going for a reversal after having buyers put order blocks at $19,000-$21,000. During these 10 days, the price of BTC increased from the lowest range and shot up to 23.04%. But it still hasn’t broken the 200 EMA line in the 4H chart, and it’s going sideways.

Even though many altcoins are having significant changes in the market and traders favor shorting altcoins, Bitcoin remains stable and moving sideways in the 4H chart. While many traders firmly believe that holding Bitcoin will be more profitable than holding altcoins in the long run, will their mentality lead to breaking the sideway range of Bitcoin in the 4H chart and going straight to a bull run?

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their research before investing in cryptocurrencies.