After once again shooting past $4,000, Bitcoin bulls are hoping to jump start a new rally.
Analyst Omkar Godbole at CoinDesk says BTC needs to stay above its recent high of $4,055 to “revive the short-term bullish setup,” which could trigger a run to around $4,200.
“While the bearish case has weakened, the short-term bullish view put forward by the long-tailed doji created on Feb. 27 would only be revived if there is a strong follow-through to the rebound from the 30-day MA support, preferably a break above the recent high of $4,055 hit on March 21.”
Right now, Bitcoin is up 0.98% at $4,037. Ethereum is also up 0.98% at $138.50, XRP is up 0.37% at $0.3089 and Litecoin is up 1.17% at $60.59.
Overall, technical analysts are watching for a serious and sustained breakout for Bitcoin, Ethereum, XRP and Litecoin.
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