{"id":418045,"date":"2020-03-14T01:26:22","date_gmt":"2020-03-14T01:26:22","guid":{"rendered":"https:\/\/wncen.com\/?p=418045"},"modified":"2024-06-11T10:32:36","modified_gmt":"2024-06-11T10:32:36","slug":"3-reasons-why-bitcoins-price-soon-squeeze-up","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/3-reasons-why-bitcoins-price-soon-squeeze-up\/","title":{"rendered":"3 Reasons Why Bitcoin’s Price Could Soon “Squeeze Up” After 40% Crash"},"content":{"rendered":"

Bitcoin really hasn’t done too well over the past few days; since the $9,200 peak seen on Saturday, the price of the cryptocurrency crashed as low as $3,800, marking a more-than-50% crash from the weekly high.<\/p>\n

Fortunately, bulls were given some breathing room on Friday, when the cryptocurrency rallied back above $5,000 to as high as $5,900 as buyers finally started to pick up the pace. While this marks an over 50% surge from the bottom, top analysts think that Bitcoin<\/a> is poised to recover even more in the coming days.<\/p>\n

Why Bitcoin Could Soon Bounce, Per Top Analyst<\/h2>\n
In messages published to his Telegram channel<\/a>, Filb Filb gave three reasons why Bitcoin could soon “squeeze up,” not giving a price target but still expressing a bullish sentiment.<\/p>\n
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Bitcoin’s short-term chart has formed a textbook Adam and Eve bottom, which is a good indicator that a bottom is forming and a subsequent reversal will rapidly take place.<\/li>\n
The funding rate on BitMEX, which hit extremes near local bottoms and tops, has reached a ridiculously high level for shorts, meaning that they pay longs. This suggests that market is leaning very short, something often seen near bottoms.<\/li>\n
And lastly, Filb Filb wrote that the “Bid side of the order book has massively recovered,” suggesting there remains buying demand in the crypto markets.<\/li>\n<\/ul>\n
It isn’t only Filb Filb (whose work NewsBTC has covered previously<\/a>) who is optimistic about Bitcoin.<\/p>\n
Nunya Bizniz noted that with the rally after Thursday\u2019s crash has taken the cryptocurrency above the 200-week simple moving average \u2014 a level the cryptocurrency has not closed below in its decade in existence. Bizniz said that $3,800 \u201cmay turn out to have been one of the best entry points.\u201d<\/p>\n
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BTC Weekly:<\/p>\n
The current dips below the log curve (blue) and the 200 week MA (red) were twice as deep as the next closest.<\/p>\n
This may turn out to have been one of the best entry points. pic.twitter.com\/M4tHCIdboC<\/a><\/p>\n
— Nunya Bizniz (@Pladizow) March 13, 2020<\/a><\/p><\/blockquote>\n