Why Is Bitcoin Price Going Up? 4 Indicators Suggest a Potential Bottom
As Bitcoin price successfully held $7,700-$7,800 support again and now back up over $8,200, several indicators suggest a bullish reversal.
Bitcoin price (BTC) has continued to fend off support in the $7,800 region for what will be the fifth week running at the end of today.
With the BTC price currently back up over $8,200, several indicators suggest that a potential reversal may be in the cards.
Weekly Crypto Market Performance. Source: Coin360.com
1. Bitcoin price support holds again
Bitcoin price seems to have found a bottom for the time being. Both on the daily and weekly charts the BTC/USD has repeatedly rejected support this past week. After the high of around $8,400 on Monday, Oct. 14, Bitcoin bounced off Bollinger Bands (BB) indicator’s support 5 days out of 7, with the current support sitting around $7,860.
As the price of Bitcoin has been ranging at the bottom half of the Bollinger Bands this past week, it’s caused the BB lines to tighten, which has brought down the resistance on the Daily BTC/USD chart to just $8,550 as well as the moving average down to $8,120.
Next week, Bitcoin bulls will need to see the price maintain its trend above $8,120 to break out of the current downtrend, and a break above $8,550 would lead us towards our next level of resistance on the weekly Bitcoin chart.
BTC/USD 1-day chart. Source: TradingView
Bitcoin weekly outlook
Due to the downward price action for Bitcoin this past week, the BB indicator support has extended down slightly to $7,633, which is the level Bitcoin needs to hold before the bears start chanting for blood.
Just yesterday, gold bug Pe