The price hit 5,000 today. Obviously, it will fall back to 4,000 these days. But does anybody know what the hale it is?
a key resistance ($4200) was broken. lots of stop losses were sitting right above that breakout area. looks like some big liquidations too. margin calls + stop run = fast price movement. it doesn't necessarily indicate a new bull market or anything, just that temporarily shorts were heavy, supply was low and demand was strong.
i'm really glad to see this breakout though. it's the first weekly higher high since december 2017. i think we're really carving out a bottom range now. give it 6 more months and we might just have ourselves a bull market.
The bottom range pretty clearly was 3100 - 4200, which lasted some 4.5 months. I would be pretty confident that time is over now. I could be wrong but this looks just like the start of the last bull run: a strong break and spike up out of the bottom after a gradual buildup to the top of the bottom range. Thats exactly what happened last time and exactly what happened over the past month and a half finally culminating in that spike tonight. As long as the price stays in the mid-4000s bitcoin is technically out of the bottom which means we're in a bull market.