RATE Group | After Overnight Flash Crash, Here Are 5 Reasons Why Bitcoin Will Rally Again
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After Overnight Flash Crash, Here Are 5 Reasons Why Bitcoin Will Rally Again

22 Feb After Overnight Flash Crash, Here Are 5 Reasons Why Bitcoin Will Rally Again

Posted at 04:05h in Bitcoin News by

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Bitcoin’s (BTC) price hit $9,260 on Feb. 20 and dropped to $9,350 on BitMEX the very next day. Analysts say these two pullbacks were liquidity fills and that the dominant cryptocurrency is likely to sustain its bullish market structure.

Technical analysts and industry executives have laid out the exponential moving average golden cross, strong weekly support at $9,500, halving, liquidity fills and rising on-chain activity as the five main factors to support the continuation of Bitcoin’s upsurge over the coming months.

Factor #1: The golden cross

A golden cross on a candlestick chart occurs when a short-term moving average line meets a long-term moving average line. When the golden cross is supported with high volumes, it often indicates that a significant upsurge is near. One cryptocurrency trader pointed out that the last time a golden cross occurred in the Bitcoin market, Bitcoin’s price went on to see an extended rally from the $4,000s to $14,000.

At the time, the golden…

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