Bitcoin Just Surged to $6,500 After Over 10% Weekend Crash

Bitcoin Just Surged to $6,500 After Over 10% Weekend CrashIn the past 20 minutes, Bitcoin has traded above $6,500, marking a rapid 12% gain from the $5,800 bottom seen on Sunday evening (UTC).

Due to this move, the BitMEX funding rate on the Bitcoin (XBT) contract surged by 990%, consistent with data from Joe McCann, a cryptocurrency trader and AI/cloud specialist at Microsoft. consistent with him, this suggests “bulls [are] getting levered over here ,” potentially setting the stage for an extended squeeze within the future.

Analysts are currently divided over what this suggests for the cryptocurrency; just 24 hours ago, many were charting a move to the low-$5,000s, citing the very fact that it slipped below variety of supports as if it had been a hot knife browsing butter.

According to prominent crypto trader Flood, who called the recent move from $6,800 $6,200, Bitcoin is probably going to retest $8,000 within the near future.
Bitcoin’s decline to lows of $5,800 overnight was met with significant buying pressure that subsequently allowed the cryptocurrency to climb higher, with BTC bulls now attempting to reclaim the crypto’s previous position within the upper-$6,000 region.

This early morning rebound happened after a brief bout of intense selling pressure, and buyer’s ability to soak up this and defend against further downside is certainly a bullish sign.

Despite this, one trader is now noting that he believes Bitcoin is firmly in bear’s control as long because it trades below one key level that has yet to be surmounted.
Bitcoin Garners Tempered Momentum as Analysts winder Technical Formations

At the time of writing, Bitcoin is trading up slightly below 4% at its current price of $6,350, which marks a notable climb from daily lows of $5,800 that were set at rock bottom of the overnight selloff.

Bulls did post a fanatical defense of this level, however, which is what catalyzed the momentum that has led the crypto up to its current price levels.

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In the near-term, whether or not Bitcoin is in a position to climb higher or not may depend upon if it's ready to close its monthly candle above $6,425, A level that one analyst thinks is of the utmost importance.

“BTC monthly close above 6425 would be solid bullish SFP to form April-May brighter. For now, it must unfold this symmetrical triangle, contracting consolidation. Safest non-scalp swing trades on breakout (or breakdown) retest.”