The market segment shows once again how volatile it is. After the Bitcoin share price shot up significantly yesterday, many market participants put their bull caps back on and describe Bitcoin as the safe haven of this economic crisis.
In fact, the number one crypto currency has once again gone on a remarkable rollercoaster ride, showing once again that the Bitcoin price is as buoyant as the market segment itself. All of this is no accident. But what is behind the recent upswing in the Bitcoin price?
The Bitcoin price has already risen by more than 60 percent since its low of about 3,900 dollars. In the last 24 hours alone, the Bitcoin price has risen by over 17 percent and is now quoted at just under $6,400. This means that the Bitcoin price is currently moving below a crucial level that could decide whether this is just a bulltrap or whether we can continue our rally upwards.
Is the recent Bitcoin price rise just a trap?
While a large number of the market participants have already broken out in cheers, trader Josh Rager sees the current situation even more sobering. And rightly so, as we will see in the following. The Bitcoin course is still haunting bear territory and we might be at the border of this area. The big question is which side the Bitcoin course will choose.
According to Rager, the Bitcoin price must first pass the $6,400 mark as a checkpoint before we can assume that the Bitcoin price will continue its upward trend. If the price bounces off this mark, it is quite possible that the recent gains will disappear as quickly as they came.
His tweet says that he will only become optimistic once the checkpoint at $6,400 has been passed. At the same time, this is the level that has the highest trading volume and served as a support line for the Bitcoin price twice recently before the crash.
However, as support lines are, they turn back to resistance lines after they have passed through them. It will therefore be interesting to see whether the Bitcoin course will succeed in crossing this line and establishing itself above it in the following days.
If it does, this would be a bullish sign for the Bitcoin price, at least in the short term. Above all, another Twitterer with the handle Crypto₿irb noted that there is little resistance between $6,400 and $7,600. Accordingly, a further rapid rise in the price would be within the range of the probable in the event of a bullish outcome of the current scenario. However, according to him, a renewed consolidation attempt with a decline to $5,400 - $5,600 would be the healthier option for a sustained rise.
Be that as it may, exciting times lie ahead in any case and as always the future will show who is right.
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