The sentiment of top traders on the short-term trend of the Bitcoin price remains mixed after BTC surged by more than five percent within less than six hours from $6,840 to $7,200.<\/p>\n
Some prominent traders believe that the Bitcoin price could range between $7,700 and $7,300, grinding upwards to the low-$8,000 region. Others foresee a steep rejection in the $7,700 to $7,900 range, which has been a historically strong area of resistance.<\/p>\n<\/p>\n
Crypto market daily performance. Source: Coin360<\/p>\n
The majority of top traders are seemingly convinced that Bitcoin price is likely to test $7,700 in the near-term.<\/p>\n
BTC is currently hovering at its yearly open, and an upsurge to $7,700 would allow the dominant cryptocurrency to test a crucial reversal point that triggered the rally to $10,500 earlier this year.<\/p>\n
When Bitcoin portrayed an unclean inverse head and shoulders pattern in December 2019, the $7,700 level served as the neckline of the entire formation. Eventually, Bitcoin climbed all the way to $10,500 by February 13, seeing an extended rally.<\/p>\n<\/p>\n
BTC USD daily chart. Source: TradingView<\/p>\n
One trader who operates under the alias Thrillmex said that a CME gap exists at $8,400, which is the same area marked by renowned technical analyst PentarhUdi in early March.<\/p>\n
On March 20, when the Bitcoin price was still trading at $5,200, PentarhUdi predicted that BTC is likely to rebound to as high as $8,500, which is an important weekly simple moving average level with historical significance.<\/p>\n
PentarhUdi previously said:<\/p>\n
This should bounce up from weekly SMA 200 ($5200) up to daily sma 200 ($8500). Break up of the upper trend line invalidates this bearish count. I remind you this is a hypothetical bearish outcome of previous published ideas.<\/p>\n
The difference in the recent Bitcoin recovery beyond $7,100 is that its upward momentum has been supported with rising volume. Previous rallies saw declining volume, which typically indicate a fakeout.<\/p>\n
In the short-term, traders are considering the following four scenarios:<\/p>\n
The bearish scenario for BTC in the immediate-term is a higher time frame candle, like a weekly candle, closing below $6,900 and resuming the downtrend.<\/p>\n
Cryptocurrency trader Scott Melker said:<\/p>\n
If youre a bear, red was a clear spot to try a short. If you are a bull, a pull back to green looks like a good entry.<\/p>\n<\/p>\n
BTC USD 4-hour chart. Source: TradingView<\/p>\n
With the price en-route to closing its weekly candle above $7,000, the general sentiment around BTC, at least in the short-term, remains a retest of $7,300 and possibly an extended upsurge to $7,700.<\/p>\n<\/p>\n
Bitcoin daily price chart. Source: Coin360<\/p>\n
As the Bitcoin price pushed higher many of the top-10 altcoins followed suit. Ether (ETH) rallied 4.41%, Bitcoin Cash (BCH) gained 4.57% and Chainlink (LINK) added 12.92%.<\/p>\n
The overall cryptocurrency market cap now stands at $201.4 billion and Bitcoins dominance rate is 64.2%.<\/p>\n
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