Bitcoin’s rally has just started- here’s why

Just seven weeks ago, Bitcoin traded at $ 3,700 after one of the worst trading sessions ever on the cryptocurrency market.In the course of this development, numerous analysts assumed that the crypto market would fall even lower – however, digital assets recovered quickly and proved resilient across the board.

 

Bitcoin charts are overwhelmingly bullish

Last week, the crypto market exploded after two weeks of accumulation. Bitcoin has recently surpassed $ 9,000 and hit a local high of $ 9,500.This exceeding the increasingly important $ 9,000 level, which acted as both psychological and technical resistance, is just the beginning of a larger bull run, analysts say.

 

  • The refinancing rate on BitMEX, i.e. the amount Longs Short pays and the premium index, i.e. the difference people are paying for Bitcoin on BitMEX against the BTC index price is “still negative”. This suggests that the longs are not yet over-indebted.
  • Bitcoin is traded above the annual volume weighted average price.
  • BTC is above the 200-day moving average.
  • The one-day Ichimoku cloud has started an upward trend, which has historically led to rallies. – Bitcoin halving the block reward is now only 10 days away.