Bitcoin Price Skyrockets to $8.7K Confirming Previous Bottom Signals

Bitcoin price just made a $1,200 rally towards $8,700, leaving bears and shorts behind.

These signals show that there's demand and interest at these levels for Bitcoin, as there's never been such a high level of volume on a day on Bakkt futures since the launch.

Alongside with the bounce, bullish divergences were building as Bitcoin price moved within a falling wedge structure.

Remarkably, the last dropdown brought Bitcoin price closer to the 0.618 Fibonacci level, which is an important level for Fibonacci and Elliott Wave traders.

Similar to the Bitcoin chart, this chart is also providing bullish divergences indicating a potential bottom forming.

For further bullish movements, Bitcoin still has to clear a few levels.

First of all, Bitcoin needs to close the weekly candle above the 100-WMA, which is considered an important indicator.

The 200-Day moving average and exponential moving average are still moving above the current price levels.

For more strength and a bullish outlook, the price of Bitcoin has to break above these daily moving averages.

If Bitcoin is able to get back in that range, we can conclude that Bitcoin made its bottom from the recent parabolic moves and is ready for further upwards continuation towards the halving event taking place sometime in May 2020.