BCGAME - Free 5BTC Daily Bonus!Bitcoin (BTC) hit close to $40.000 on Thursday, as bulls received increasing signs that the bottom was in.
BTC/USD to $36.000 then?
Data from TradingView showed BTC/USD holding levels that rebounded a day earlier, including the critical $37.500.
Now, eyes were turned to the next few days for confirmation of a breakout or rejection – volatility was already forecast to enter the weekend.
For popular trader Crypto Ed, the market may need another short-term bearish test before coming back with a vengeance. In the meantime, it might be a case of smiling and making familiar movements.
“I think we're close to a rollback and a fix during the previous day again,” he told Twitter followers on Thursday.
“BTC for $36k and $2500 ETH? It can be a boring day…”
He added that he assumed the BTC/USD will correct rather than continue higher.
Bottom search metrics require attention
Meanwhile, two new metrics that specifically try to capture funds from Bitcoin prices went live on the Glassnode tracking feature this week in a timely release for traders.
Created by David Puell, known for his famous Puell Multiple indicator, delta limit and balanced price, both provided clues that Bitcoin may already be on the catching up.
“Watch out for their confluence at the next bear,” added Puell.
Opinions continue to focus this year, seeing a double top pattern in Bitcoin similar to 2013.
In both previous bull markets, big pullbacks from local highs were standard on the way to final peaks; and as such there is nothing unusual about current behavior. That was the opinion of stock-to-flow creator PlanB this week in conversation with podcast presenter Preston Pysh.
