Bitcoin’s (BTC) three-day winning streak is encouraging for the bulls, but only a quick move above $10,500 would negate the risks of the so-called “death cross.”
Having bottomed out at $7,335 on Sunday, prices on CoinDesk’s Bitcoin Price Index (BPI) rose to $9,127 today – the highest level since March 14. As of writing, the BPI is seen at $9,074. The retreat from the intraday highs could be associated with the signs of bearish relative strength index divergence seen on the hourly chart.
The 22.7 percent recovery from $7,335 suggests the bulls have regained control, at least for the time being. However, the cryptocurrency is not out of the woods yet, the long duration technical studies indicate.