Bitcoin Price Action Starts Again After Days Of No Movement

Bitcoin price action is starting again after a few days without signs of life and it seems that BTC breaks higher at the end of the weekend, pushing past the $100 range that defined the price for the past three days as per the bitcoin news updates.

The cryptocurrency traded as high as $7,700 with the help of a full-fledged reversal sentiment on the horizon. After the 7 percent surge on Sunday, Bitcoin settled down and dropped as low as $7,240 once the bulls failed to maintain the momentum. Despite the short-term pullback, some of the analysts believe that the coin will remain in the bull territory. The analyst crypto Buzz noted recently that despite the drop, Bitcoin’s outlook looks bullish with a slight divergence forming between the Relative Strenght Index and the price which shows a continuation that will tap the $8,000 in the next few days.

The bitcoin price action started over the weekend once its performance created a strong signal for a massive bullish divergence in the oversold territory on the Stochastic Relative Strenght Index. For those who don’t know, the divergence Melker pointed out is because of the stochastic RSI is trending much higher while the price reaches lower lows. According to the trader, this is the fourth time that this signal has been since the $20,000 sky-high that was seen in 2017. If we take the historical bullish significance of the coin, there’s a huge chance that Bitcoin could start gaining momentum in the medium-term timeframe in the upcoming weeks.

One of the market commentators found that in the week ahead, all of the previous CME futures expiries, there’s a huge chance that bitcoin trended lower and the average loss will come out to 2 percent in seven days. This implies that BTC will drop easily again though a 2 percent loss is just an average which means that the CME could suggest that Bitcoin will enter a red week. Looking at the technical side, the trader PostyXBT remarked that he believes the recent bitcoin price action is extremely bullish in the short-term but the long-term remains intact in the downside as Bitcoin continues to trade under the key $7,800 level.