After staying at $6,800 for quite a time, Bitcoin price takes off more than 1,000 USD breaking the resistance line. Still, I don't think this would last and BTC price will eventually sink to even lower than its previous price of $6,800. What about you? Tell me what is on your mind now? Will it sink or will it rise?
I agree with you. I don't think that this is where bitcoin goes fully bullish and all of a sudden, we go on full on mania like last year.
This pump should last a while and take bitcoin at least to $9000+, but when the resistance at $10000 proves to be too strong for this pump to breach, I believe that we may go back to $6.8k, and break through that support.
I don't think that this is the recovery in the market that we're looking for at this stage.
The price jumped extremely quickly, fueled by a short squeeze and FOMO buying. In my opinion despite this pump being sustained, $6-7k's support will still be broken in the year since the bearish sentiments are not fully out of the market yet.