Bitcoin returned to the $63,000 support zone while ETH reached a new ATH of $4,460 which, obviously, has made bulls very happy about the current state of events.
Michaël van de Poppe, market analyst, said that “Good S/R flip and probably ready for continuation towards $5,000.”
Crypto intelligence company Decentrader analyzed the price action of Bitcoin and mentioned that the pullback of 14% from a week ago, when BTC fell from $67,000 was “due to token-margined leverage traders aggressively longing the final run-up to the all-time high and brief breakout levels.”
Decentrader further added:
“As a higher time frame signal of bullish trend continuation, we are about to see the 128DMA cross over above the 200DMA. In previous bull markets, the price has seen sustained rally’s after such crossovers. On a technical, market cycle and on-chain basis, we continue to believe that the next major area of difficulty for BTC will not hit until we approach $85,000 – $90,000.”