Bitcoin Surges to $6,900: What Do Analysts Think Comes Next?

As of the time of writing this article, the cryptocurrency trades for $6,875, the highest price since March 27th. The recent rally allowed Bitcoin to register its highest four-hour candle close since March 12th, boding well for the sentiment that the crypto market is in the midst of a recovery to pre-crash levels.

A buy signal was last seen early on in January, when Bitcoin was trading in the mid-$7,000s. And a sell signal was seen near the end of February, when BTC was trading in the mid-$9,000s prior to the infamous March 12th capitulation. Furthermore, the recent price action has pushed Bitcoin decisively above the $6,783 “decision point” indicated by prominent crypto trader Filb Filb, which should give the cryptocurrency fuel to rally towards the cluster of resistance in the range of $7,800 to $8,100.

Timeline of Bitcoin