Bitcoin Bulls Are Skeptical Even After Bullish Signal, Will $8,500 Hold?

Dalmas Ngetich

Last Updated: June 11, 2024 1:43 pm

2 mins read

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Bitcoin prices firm above $8,500
Technical analysts are overly bullish after Guppy indicator turned green

After three years, the Guppy technical indicator is flashing “buy.” As a result, technical analysts believe bulls are in control. That may be true because Bitcoin is up 8.9 percent in the last week but ranging above $8,500.

Bitcoin Price Analysis

Fundamentals

The excitement is palpable. However, traders ought to be practical. Trends don’t shift in short bursts. In different capital markets, it is normal for asset prices to cement their main trajectory after months or even years. As trends change, false breakouts and price consolidations are frequent. That is why, and as expected, one trader is wary of this BTC upswing.

According to a crypto trader, $11,700 is a crucial buy trigger that must be broken before bulls commandeer price action. Taking to Twitter, he said it is “ridiculous” for him to take a contrarian opinion. Nonetheless, it is wise to diverge from the mainstream stand. Even so, the trading community is confident that buyers are in firm control.

Referring to a long-term technical indicator that turned green for the first time in three years, analysts are of the view that the crypto winter is finally over. The technical indicator, Guppy printed a buy signal. The last time it did, buyers pressed higher for two years.

Candlestick Arrangement

At the time of press, Bitcoin is changing hands at $8,685, stable in the past 24 hours but bullish, adding 8.9 percent week-to-date. From fundamental and sentiment analysis, it is clear that buyers are in control.

In line with our last BTC/USD trade plan, traders can fine-tune entries in smaller time frames, loading on dips with the first target at $10,000. It is easy to see why. From candlestick arrangements, BTC is within a bullish breakout pattern thanks to May 26th price spike that temporarily placed BTC at $9,000.

Since there is a confirmation—yesterday’s bar closed above $8,500, there is an opportunity to buy at spot rates with the target as aforementioned. However, we cannot discount a pullback towards the middle Bollinger Band (BB) — around $7,700, more so if accompanying trade volumes are high.

Technical Indicator

Since the trend is bullish, our anchor bar is May 26th bullish breakout bar. It has light trading volumes but is wide-ranging. As mentioned, traders are cautious of a pullback. Regardless, every low is a buying opportunity.

While it is true that buyers are in charge, it all depends on whether the bear bar erasing May 26^th gains has high trading volumes above 19k or even 47k of May 14th. If that is the case, then traders should exit their long positions and wait for another buy signal.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.