After a bit of a slide last week, Bitcoin is doing good again amidst oil and stock prices going down. That’s a good thing since the drop in oil prices is negatively affecting the stock market which, of course, is tied into Bitcoin. The good news is that Bitcoin is doing pretty well. After a few weeks of a status quo, Bitcoin is back where it belongs testing the $7,000 mark.
At the same time, the world’s leading cryptocurrency is apparently nearing a bullish cross that might shoot it over the stars. The last time such a cross happened, Bitcoin raced over $10,000 and that would be great in these trying times. More importantly, the higher the price is, the bigger the chances of it shooting even higher after the May 12 halving.
A Steady Ship
After shooting sky-high in early March, Bitcoin’s price was close to breaking over $7K. However, for the most part, it has just been holding steady. Now, during the chaos in traditional markets, the price has remained quite stable. The support is just below $7K ($6,850, to be exact), with Bitcoin currently testing the $7K zone. Of course, re-entering it and closing over $7,200 would be a huge step forward and will prevent further drops.
Increasing buy-volume on the 4-hour timeframe and a pattern of higher lows is also great news for the biggest cryptocurrency. The thing that needs to happen right now is for Bitcoin to reclaim the $6,900 support which would surely see it move over $7,000. Once this happens, it won’t stay there. A price surge above $7,300 would see Bitcoin in a great position to reach $8K.
Amidst all the negative news and uncertainty during the coronavirus pandemic, Bitcoin is doing relatively well. After falling into a deep abyss, the price is back in the saddle and doing great. Sure, it hasn’t gone as up as $12,000 as predicted in late January/early February, but in these trying times, a shot at $7K is as good as it gets.
Don’t forget that the halving comes in less than 2 weeks. Everyone’s excited about the event and once the pandemic ends, it could spell great news for Bitcoin’s price in the future.
A Bullish Cross Forming
According to the MACD, Bitcoin is nearing a serious bullish cross that might take the price across $10,000. Of course, that’s not a certainty, but technical indicators show that it might happen. The great news is that the last time that happened, bears were completely eradicated from the market and the price shot over $10K.
The On Balance Volume indicator showed continued buying in high volume and printing higher highs. Both have surpassed the 2020 peak which means that bulls are in the driving seat right now. Last week’s lows were $6,500 which means that bulls were interested in buying over that. The last time that happened back in December 2019, it defined a period of accumulation that later resulted in a swift move to $10K.
While stocks and oil prices are taking the dip, Bitcoin seems to be doing just fine.