Data from Coin360 showed BTC/USD coming off local highs around $10,750 to float around $10,520 on Wednesday, still up almost 10% versus the start of the week.
Bitcoin price was testing support at $10,500 on Sept. 4 after its latest move upwards began to stabilize.
Markets reacted warmly to the new gains, which reversed previous bearish sentiment that a further towards $8,000 was imminent.
Now, in the face of continued technical strength, analysts suggested the climate was right for further major gains.
PlanB, the Twitter account well-known for its analysis of Bitcoin’s stock-to-flow ratio, concluded current conditions translated into the beginning of a fresh bull market.
“#bitcoin: clear for take off”, he summarized on Twitter uploading a chart of Bitcoin’s 200-week moving average.
That particular metric is significant for PlanB, as lows consistently coincided with the beginning of Bitcoin price ascents to new highs.
Considering the related 20-week moving average meanwhile, popular trader, Filb Filb, arrived at a similar conclusion.
“The 20 WMA (also the middle of the weekly Bollinger Bands) has proven to be important in Bitcoin’s cycles; supporting price in a bull market and suppressing price in a bear market”, he explained in his latest newsletter. Filb added:
“My overall market assumption is that we are in the early phase of the next Bitcoin cycle.”
On altcoin markets, Bitcoin’s progress sparked only a faint hint of upward momentum before familiar sideways trading continued.
On Wednesday, most tokens in the top twenty cryptocurrencies by market cap were completely flat, moving less than 1% up or down.
Ether (ETH), the largest altcoin, fell by a negligible 0.35% to remain at $177. Others, such as Bitcoin Cash (BCH), Litecoin (LTC) and NEO (NEO), delivered modest gains.
The overall crypto market cap stood at $267 billion as of press time, with Bitcoin’s share at 70.5%, a more than two-year high.
$3k Possible for Ethereum in the Month of May. Ethereum’s ongoing…
Ethereum Aims for new ATHs as Options and Futures Expire…
Tesla released its first quarter 2021 earnings earlier this week.…
Users of the large cryptocurrency exchange Gemini will soon get…
Iran continues to explore the potential use of cryptocurrencies as…
Tether’s Market Cap Hits $50 Billion. Mr. Ardoino’s comments were in…