Bitcoin price is knocking on the $6,000 resistance and appears ready to run higher this week.


Bitcoin Price: Market Overview

Bulls are buying dips on Bitcoin 00 and defending the ascending trendline even though over the weekend and early Monday BTC showed some occasional weakness on the 1 and 4-hour chart by dropping below the exponential moving averages.

Generally, sentiment toward BTC remains bullish and a host of exciting upcoming events like Consensus and Fidelity Investments launch of institutional crypto trading could be amplifying bullish market sentiment. Since running up to $5,845 on Coinbase, BTC has consolidated between $5,900 and $5,635.

BTC-USD Shorts

BTC-USD shorts continue to pile on and at the time of writing stand at 32,000, a high not seen since early January and somewhat intriguing given the overwhelmingly bullish setup for Bitcoin on the weekly and hourly chart.

One can’t rule out the possibility of a high volume spike, which could blow out a good number of shorts and result in rapid gains for…

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Source: https://thebitcoinnews.com/bitcoin-price-rally-will-continue-bullish-weekly-rsi-suggests/