What’s Next For Bitcoin After Brutal Rejection At Key $7,000 Price Point?

Joe McCann  — a noted crypto trader and an AI/Cloud specialist at Microsoft — remarked that the recent explosive move is most likely related to a futures short squeeze caused by negative funding rates on BitMEX: With the surge’s gains having since been reverted, what are analysts thinking comes next for Bitcoin and the rest of the crypto market? According to a Bloomberg report published April 3rd, Bitcoin recently pushed above a key technical resistance, allowing the DVAN Buying and Selling Pressure Gauge to print a “positive divergence and a buy signal.”.

The last time this indicator printed a buy signal was at the start of the year, which preceded Bitcoin’s rally from $7,000 to $10,500 within 50 days’ time. His sentiment was corroborated by other Elliot Wave-focused analysts, who explained that Bitcoin’s recent rally on declining volume looks “corrective,” suggesting a reversion lower is growing more and more likely as time elapses.

Timeline of Bitcoin