RATE Group | Multiple Metrics Make the Bullish Case for Bitcoin
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Multiple Metrics Make the Bullish Case for Bitcoin

04 Aug Multiple Metrics Make the Bullish Case for Bitcoin

Posted at 16:55h in Bitcoin News by

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Bitcoin (BTC) remains bullish and a multitude of metrics support this claim. 

Is this a trend reversal? 

Over the past week investors’ short-term sentiments about Bitcoin’s prospects appear to have improved. While last week’s market update made the case for why top investors and analysts are overwhelmingly bullish on Bitcoin’s predicted long-term price action, the fall from $13,800 to $9,100 did shake retail investors confidence for the short term. 

Prior resistance levels that were obliterated throughout Bitcoin’s ascension from $4,000 to $13,800 proved to be weak support and many investors expected Bitcoin to drop to $8,500–$7,500 before reversing course. 

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Investors will have noticed that Bitcoin formed a double bottom around $9,100 and some believe that the expectation that Bitcoin will drop to $7,500–$8,500 will be a non-event as larger hands will front run a trend reversal from $9,000. 

Since July 28, Bitcoin pulled off a low-volume upside move and the 19.6%…

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