All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- The Bitcoin price is currently experiencing a slight recovery and has risen above the USD 8,000 mark once again.
- Whether the BTC price has already bottomed out is rather questionable among chart analysts.
Bitcoin (BTC) rose again above $8,000 today, March 10th, after the price had lost more than $1,400 since Saturday and dropped to a two-month low of $7,620. At the time of writing, Bitcoin is trading at $8,122, up 3.7 percent over the past 24 hours. In the weekly and monthly charts, however, Bitcoin continues to be clearly in the red at -9.3% and -18.3% respectively.
There are currently two factors that can be identified as reasons for the increase. As various traders noted on Monday, the last lower “gap” of the cash settled Bitcoin futures on the Chicago Mercantile Exchange (CME) was closed at USD 7,685. As CNF has reported several times, the gaps are a controversial indicator for the Bitcoin price. However, the still young history shows that the gaps tend to be “filled” at a later date.
As “The Moon” noted on Twitter, the gap at USD 7,685 was the last one below the current price of BTC. Now only one gap remains, which is at USD 11,790.
BIG NEWS: #Bitcoin just filled the $7,685 CME gap!
There are now NO MORE GAPS below $BTC
So, we can finally get this bull run started as a safe haven asset!
— Carl From The Moon (@TheMoonCarl) March 9, 2020
Research firm Skew also pointed out that Bitcoin options reached an all-time high in trading volume yesterday. In the past few days, the volume of Bitcoin futures and options had dropped significantly. The increase in Bitcoin option volume may also be an indicator for the upward trend.
All time high for bitcoin options volumes yesterday with nearly $200mln trading pic.twitter.com/dwS2hlqbnl
— skew (@skewdotcom) March 10, 2020
Sustainable upward trend for Bitcoin?
Whether the increase is a sustainable upward trend seems rather questionable. The same applies to whether the bottom has already been reached at USD 7,620, which is disputed among chart analysts. The popular chart analyst Josh Rager expressed little conviction about today’s rally and stated that the price did not manage to rise above the opening of the day. According to Rager, this is necessary to initiate a possible short-term rally.
https://twitter.com/Josh_Rager/status/1237226163443060737
Like many other chart analysts, “CryptoBull” pointed to a forming head-shoulder pattern, which is considered one of the most reliable patterns in technical analysis, and which predicts a bullish or bearish trend reversal, but in its current form could indicate a further decline in the BTC price.
The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns#Bitcoin pic.twitter.com/oTyae5WiOK
— Crypto฿ull (@CryptoBull) March 10, 2020
Follow us on Facebook and Twitter and don’t miss any hot news anymore! Do you like our price indices?
