People think this is a massive pump from 3800 but don't realise how overextended the March 2020 crash was. Bitcoin has corrected back to normalcy, back to the prevailing trend and now is undergoing optimistic price discovery.
In truth this pump began in the 6000 range.
Sellers now are mostly weak-handed bears who bought too high during pre-crash fomo, and are now selling at breakeven (or even just before LOL). This is our current resistance.
The supporting trend is far below the 200 day moving average so was a classic place for bulls to buy regardless of future price action. The crash below the trend was the classic blood in the streets.
In truth this pump began in the 6000 range.
Sellers now are mostly weak-handed bears who bought too high during pre-crash fomo, and are now selling at breakeven (or even just before LOL). This is our current resistance.
The supporting trend is far below the 200 day moving average so was a classic place for bulls to buy regardless of future price action. The crash below the trend was the classic blood in the streets.