The sentiment of top traders on the short-term trend of the Bitcoin price remains mixed after BTC surged by more than five percent within less than six hours from $6,840 to $7,200.
Some prominent traders believe that the Bitcoin price could range between $7,700 and $7,300, grinding upwards to the low-$8,000 region. Others foresee a steep rejection in the $7,700 to $7,900 range, which has been a historically strong area of resistance.
Crypto market daily performance. Source: Coin360
Generally, Bitcoin traders see $7,700 next for BTC
The majority of top traders are seemingly convinced that Bitcoin price is likely to test $7,700 in the near-term.
BTC is currently hovering at its yearly open, and an upsurge to $7,700 would allow the dominant cryptocurrency to test a crucial reversal point that triggered the rally to $10,500 earlier this year.
When Bitcoin portrayed an unclean inverse head and shoulders pattern in December 2019, the $7,700 level served as the neckline of the entire formation. Eventually, Bitcoin climbed all the way to $10,500 by February 13, seeing an extended rally.
BTC USD daily chart. Source: TradingView
One trader who operates under the alias Thrillmex said that a CME gap exists at $8,400, which is the same area marked by renowned technical analyst PentarhUdi in early March.
On March 20, when the Bitcoin price was still trading at $5,200, PentarhUdi predicted that BTC is likely to rebound to as high as $8,500, which is an important weekly simple moving average level with historical significance.
PentarhUdi previously said:
“This should bounce up from weekly SMA 200 ($5200) up to daily sma 200 ($8500). Break up of the upper trend line invalidates this bearish count. I remind you this is a hypothetical bearish outcome of previous published ideas.”
The difference in the recent Bitcoin recovery beyond $7,100 is that its upward momentum has been supported with rising volume. Previous rallies saw declining volume, which typically indicate a fakeout.