Group Of Metrics Make A Bullish Case For Bitcoin (BTC)

Bitcoin is in the green again as the latest cryptocurrency news show. The most dominant cryptocurrency is up and heading for $11,000 and it seems like a group of metrics is what created the bullish trend for BTC.

Over the past week, the investors’ short-term sentiments about Bitcoin’s prospects appear to have improved. Even though last week’s market update made a case for why top investors and analysts are overwhelmingly bullish on Bitcoin’s long term price action, the fall to $9,100 definitely shook the retail investors. Now, a group of metrics are looking to reverse the trend.

As shared by many best cryptocurrency news sites, the prior resistance levels that were obliterated throughout Bitcoin’s upward rise from $4,000 to $13,800 proved a weak support. Many investors expected BTC to drop to $8,500 or even to $7,500 before reversing course.

Still, investors noticed that Bitcoin formed a double bottom around $9,100 and the altcoin news showed that alts are following the same trend. This is what led many to believe that Bitcoin is further dropping. However, the analysts following the most important group of metrics noticed that since July 28, Bitcoin pulled off a low-volume upside move and the 19.6% gains are what brought the digital asset back to $10,800. Right now, $10,800 is a significant price point, aligning with the 38.3% Fibonacci retracement level and being a few hundred dollars away from the $11,200 resistance.

What’s even more important is obviously the group of metrics which are seen from a psychological and technical point of view. They show that a sustained move above $11,200 may place Bitcoin back into the rising wedge formation which originally carried BTC from $4,000 to its 2019 all time high which was a couple of hundred shy of $14,000.

The majority of the analysts in the media focused on the 21-EMA which was a good indicator that gauged the strength of the bullish and bearish momentum. Having this in mind, it is worth noting that the most recent surge brought BTC above this point.

What’s also important, aside from the crucial group of metrics for BTC, is that the majority of this week’s action occurred on low volume and more intuitive traders advised caution as Bitcoin could ascend to $11,200 or even $11,500, quickly retract, and again prove to be a bear trap.