Bitcoin Price Is Bouncing Due to Bullish Divergence on Multiple Time Frames: Crypto Analyst

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    A trader tweets that the BTC price is rebounding thanks to the bullish divergence on the oversold market but the bears are trying to push Bitcoin down to $5,500

Bitcoin Price Is Bouncing Due to Bullish Divergence on Multiple Time Frames: Crypto Analyst
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Bitcoin price has been declining heavily recently, after briefly approaching the $10,000 level. Earlier today, it was trading below the $6,800 level.

At press time, the price has recovered and BTC is trading in the $7.200 area.

BTC price CMC
Image by CoinMarketCap

‘Bullish divergence on multiple frames’

A crypto analyst @IamCryptoWolf reckons that Bitcoin is currently bouncing due to the bullish divergence on oversold conditions.

He points out that the $7,490 level of resistance is the next aim for the bulls to reach.

The Bitcoin price is quickly approaching the level mentioned in the tweet.

‘Bears are pushing BTC price to $5,500’

In his earlier tweet, the analyst mentioned that the bears obviously wish the bulls to move out of the way and are pushing the Bitcoin price down to the $5,500 support.

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‘Bitcoin liquidity evaporating fast’

Meanwhile, the director of digital assets at VanEck, Gabor Gurbacs, is warning the community that Bitcoin liquidity is going away fast since bid-offer spreads are widening on a tremendous scale.

The market can make a U-turn in either direction, he warns.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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