Bitcoin and the entire crypto market look to be at new dawn after a devastating plunge. The entire ecosystem is green as the negative China news gets cooled off a bit. Towards the end of trading hours yesterday, Bitcoin recovered slightly from $6K zone to maintain a balance above $7K.
The stability became obvious as the cryptocurrency rallied above $7,500 during the North American trading session. Altcoins were also forced to replicate the same trend, and most projects in the ecosystem are now on the positive side.
After the minor breakout, Bitcoin is currently trading between the price range of 7600-7400, and indicators from the 1D chart reveal that Bitcoin is at a terminal point to make a crucial decision. The next direction of Bitcoin’s fractal will play an important role in determining the year-end price of the cryptocurrency.
A breakout from this region will tell us if new lows are ahead for the cryptocurrency as stated by Peter Schiff, or a new bullish trend should be expected. If BTC tries to surpass $7,700 resistance, then we can expect that the leading cryptocurrency will reach $8,500 zone at least.
As deciphered by analyst Dav1ddd on TradingView, Bitcoin has broken the 200 MA resistance on the 1h timeframe, yet, there may be big sell-off at $7,600 levels if the BTC fails to surge past this point.
Nevertheless, the 24H chart affirms that the bulls are gearing up for a rally up the graph. If BTC breaks above $7,700 in the next few hours, we can expect that the cryptocurrency will reach 8200 zone by weekend, clearing the path for $8,500 zone and 200 MA on 4h chart.
The $60 million suspected crypto hack transaction that took place on the Korean exchange Upbit is yet to affect the market. ETH which took a big share of the transaction was similarly unaffected. Rather than a negative sign, the largest altcoin in the market is showing signs of recovery like Bitcoin.
Howbeit staying below the 100 and 200 SMA, Bitcoin fractal earlier tested the two SMAs. The pattern displayed by the two indicators shows that a bullish trend may be ahead. The 100 SMA has crossed the 200 SMA, and the former is now lying below the latter.