Less than 24-hours ago Bitcoin (BTC) price dropped to a 2 week depression at $vi,468, inciting calls for a revisit to the sub-$6K zone simply the digital nugget deftly shook off the bears past reversing class to rally to $7,190.

At the time of writing the Bitcoin trades slightly above $seven,100. As one would await, altcoins followed the drib in Bitcoin price just as it recovered a number of top altcoins also bounced strongly. Ether (ETH) managed a 17.77% gain, while Binance Money (BNB), and Chainlink (LINK) surged by 11.65% and fifteen.02% respectively.

Crypto market place daily performance. Source: Coin360

Bitcoin'south 10% surge pushed the toll above the 50-MA which had been serving as resistance for the past 9 days and a close above this level is crucial or the cost can slip back below $six,900 to return to the range of the previous week.

Previous analysis focused on the need for Bitcoin to flip $6,900 to back up and as well the importance of immigration the resistance cluster (pink) from $vi,886-$7,250. Today'south move to $7,190 has ticked one of the two boxes but at the fourth dimension of writing the price is yet touseling with the 50% Fibonacci retracement at $7,136.

As things currently stand up a shut above the 50-MA (descending trendline) would be acceptable progress.

BTC USDT daily chart. Source: TradingView

An even better outcome would entail Bitcoin price pushing above the 50% Fib retracement to $seven,250 but in improver to the 50% Fib level being resistance, there is a loftier volume VPVR node right at $7,200. If bulls can push the toll through this node ($7,200-$vii,400) a sew together to the 100-day moving average at $eight,100 seems probable.

BTC USDT daily nautical chart. Source: TradingView

The Bollinger Ring moving boilerplate is likewise lined up with $8,100 and both information technology and the 100-MA are slightly above the 61.8% Fib level at $vii,931 and then many analysts have called for a rejection at the 100 and 200-mean solar day moving average.

BTC USDT MACD daily timeframe. Source: TradingView

On the daily timeframe the moving average convergence difference has avoided a bear cantankerous every bit the MACD has pulled sharply away from the indicate line and the histogram flipped above 0 with a dark green bar.

BTC USDT RSI & CMF daily timeframe. Source: TradingView

The RSI has as well taken an encouraging turn, moving from 45 to 55 at the time of writing. The Chaikin Money Catamenia has as well pulled higher up 0 and buy volume on the daily timeframe is the highest information technology's been since April 2.

A bearish outcome would have place if Bitcoin price pulled back to close below the 50-MA or the $six,900 support.

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