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Third Consecutive Gain for Bitcoin [BTC] Price As Recovery Continues – Golden Cross Shortly?

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Bitcoin is recording a gain for the third consecutive day. Recently, Bitcoin has been exceeding altcoins in both gains and falls, but today, the altcoin market is outperforming Bitcoin, with many altcoins recording double-digit gains. It is difficult to point out a specific reason for the renewed optimism in the markets, but the recent technical analyses were painting a more bullish outlook.

With both price action and RSI forming a higher low, this represents more buying pressure in the market as of recently. The number of long positions on the major exchange Bitfinex has also increased by around 4% over the past 24 hours with the number of short positions decreasing about 6%.

Bitcoin Daily Chart

Price has been trading in a range recently on the hourly, but it is likely that we have a golden cross forming shortly with the 50EMA crossing the 200EMA to the upside. This is typically a bullish signal and could add more momentum to the recovery. Price is currently trading around $6500 and is likely to reach the $6650 highs of two days previous. Support is at $6240, and there may be resistance at $6650.

Bitcoin Hourly Chart

Key Takeaways:

  • Recovery continues for bitcoin price with golden cross likely to occur on the hourly
  • Price action and RSI have been forming higher lows on the daily showing increased buying pressure in the market
  • $6240 likely to act as support and $6650 likely to serve as the next resistance level.
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Third Consecutive Gain for Bitcoin [BTC] Price As Recovery Continues – Golden Cross Shortly? was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.