Bitcoin surged yesterday rather unexpectedly, providing a parallel effect on Lite Coin, Etherium and Ripple. Fundamentals seem to be unclear, however media cite that the surge was prompted as investors which shorted the crypto, were squeezed as Bitcoin remained stable in the past few days. Analysts consider that there is a positive feeling among traders for the past few days which could open room for higher grounds. We see the case for Bitcoin to continue to rise, as long as positive headlines reel in.
Bitcoin surged yesterday and broke the 7425 resistance line. We see the case for Bitcoin to continue to rise, as long as positive headlines reel in, or else to continue to trade in a sideways manner. Technically in the broader picture, the crypto seems to be moving in a sideways manner between the 8895 resistance line and the 6235 support level since the 13th of March. Should Bitcoin find fresh buying orders, it could aim for the 8895 resistance line while should it come under selling interest we could see it breaking the 7425 support line and aim for the 6235 support level.