Is It a Bull Market?Yes! This is the reason.
Last weekend saw a significant soar of BTC after consecutively being bearish for weeks, adding $114 billion to the crypto market overnight, according to WorldcoinIndex.
The reasons for the sudden price spring-back are various.
A headline-grabbing one is that Elon Musk confirmed on The B Word that he and his company Tesla own BTC and did not intend to sell it. Furthermore, he released ambiguous news that Tesla is likely to accept BTC as payment currency again.
In addition, a broadly spreading hearsay is that Amazon is seeking to accept Bitcoin payments by the end of 2021, and plans to develop its own cryptocurrency.
Both news has exerted a favorable effect on market sentiment, contributing to sending BTC a skyrocket.
Bullish Signals
Bitcoin prices have now moved around the 50-day EMA (exponential moving average) and are targeting resistance at over $40,000 where previous attempts to reclaim the 50-day EMA as support have failed since the price of BTC down from an all-time high of almost $65,000 in April.
Why is 50-day EMA important? Rekt Capital, a well-known digital currency analyst, reminds us that a breakout of the 50-day EMA in October last year led to dramatical rally for Bitcoin. That’s when BTC was trading near $10,000 and broke above the 50-day EMA for a run to it's all-time high this year, according to CoinTelegraph.
In conclusion, It is assumed that a break above this resistance could see prices ascend rapidly in a short time like what happened last October.
Meanwhile, short-squeeze is fueling BTC’s price, which happens because long positions have to be reopened to cover the high amount of shorts that have opened in a recent breakdown (near $29000). Most of the crypto short liquidations happened late Sunday night coinciding with BTC‘s rising to break the $39,000 level for the first time in six weeks. According to Bybt.com, data compiled by The Block shows that $720 million has been liquidated on BTC, accounting for 81%of the squeeze.
"We've seen this in the past when bitcoin has entered a choppy trading range for several weeks, with traders positioning towards a bearish bias," said Ryan Todd, a research analyst at The Block.
Though the bullish signal is weak, experts predict that if BTC can maintain its momentum, it could reach the $100,000 mark by the end of this year. If you missed the fabulous chance last year, seize this one to win windfall with 100X leverage on Bitwells, which would enable you to make profits and maximize your profits 100 times with only a 1% margin.
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