Bitcoin price has rallied 84 percent from recent lows, suggesting a bottom is in place, although a long-term bull revival is still not certain, according to the price charts Over the weekend, CoinDesk’s Bitcoin Price Index (BPI) rose to $11,279.18, its highest level since Jan. 29.
As of writing, the BPI is seen at $10,800 – up 1.59 percent in the last 24 hours. However, a bout of profit taking seems to have pushed the cryptocurrency back below $11,000 today. While the “V”-shaped rally from the Feb.
6 low of $5,947.40 certainly paints a bullish picture, investors are still divided on whether BTC has found a long-term bottom below $6,000. Bitcoin seems to have bottomed out below $6,000 as indicated by bullish doji reversal, but the weekly indicators are still less clear about the long-term prospects for the bulls, as discussed below.
Last week’s green candle marked a positive follow-through to previous week’s long-tailed doji candle and confirmed a bullish doji reversal. So, it appears a bottom has been made at $5,873.
That said, the position of the relative strength index (RSI) indicates the job is still half done. As discussed last week, during the bull run (2015-2017), at no point were the bears strong enough to push the RSI below the support zone of 55.00-53.00. Read more from coindesk.com…
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