There is a lot of excitement in the air after the Bitcoin price rocketed 20 percent on March 19. The leading cryptocurrency is already up more than 60 percent since reaching its 2020 low of roughly $3,900.
With that being said, the bulls are still not out of the bear woods, according to trader Josh Rager.
Still bearish
Rager explains that Bitcoin has to flip the $6,400 level, which is regarded as the point of control, to continue its upward momentum. Otherwise, the crypto king could evaporate all of its recent gains.
Notably, $6,400 was the most traded level during the 2018 bear market. Bitcoin officially kicked off its massive rally in 2019 by surging above it in May. During the carnage in Q4, it also proved to be robust support.
Yesterday, the bulls tried to surpass it on multiple occasions but got rejected after the first successful attempt.
Bottoming out?
On a positive note, Bitcoin is once again trading above its 200-week moving average just days before a pivotal weekly close. According to trader CryptoBirb, if the bulls manage to win back the $6,400 level, BTC could easily surge all the way to $7,600 since there is very little resistance.
Source: Alex Dovbnya UToday
