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The price of bitcoin skyrocketed to it's 50 day moving average with a huge volatility that i have never seen before, it was crazy and wild as a lot of shorts were liquidated.
The bitcoin price rallied above key resistance level which will act as support now because, the price didn't just go up and reversed but it went up and it is consolidating.
This move by bitcoin puts bitcoin above the 50 day moving average for the first time since May 9, according to CoinDesk data. which is a good move by bitcoin technically.
Bitcoin has been getting so praises from very influential people like Tesla CEO Elon Musk, Twitter CEO Jack Dorsey and ARK Invest’s Cathie Wood on how bitcoin is the best hedge against inflation.
Ethereum also saw a price increase and it is up more than 17% over the last few days, Dogecoin is also up 8% in price over the past few days.
My Thoughts on the crazy bitcoin move.
Bitcoin exploded while everyone was still thinking that it goes down to 30,000 after it comes in close contact with the $36,000, but a crazy once in a long time thing happened that saw the price of bitcoin blast off $36,000 to $38,000 in minutes which saw a lot of bears shocked in a sad way and bulls shocked in a happy way.
Right now the price is consolidating around $38,000, preparing for it's next move which will happen very soon in this week, it may be a bullish or bearish move but know this $40,000 is a very strong resistance now, if bitcoin breaks above then expect to see so wild volatility.
