Key Takeaways
- Bitcoin’s price sees a surprise rally towards $108,500 following the U.S. and China trade meeting.
- Crypto OG Ansem believes the price of BTC looks set for a rally to the moon following recent price action.
- BTC’s price breaking above previous all-time highs could spark a potential rally to $120,000.
Bitcoin price has sparked a new relief price rally following the breaking news of the U.S. and China trade discussion as the price of Bitcoin (BTC) in previous weeks saw a significant price crash from its high of $106,000 towards a low of $100,000 tapping into key liquidity zone corresponding to fair value gap (FVG).
Despite a price crash in previous weeks, the price of Bitcoin (BTC) has shown a renewed price rally ahead of a new week. As of Saturday, June 7th, the price bounced strongly, trading above $104,000, with a potential price spike on Monday, June 9th, towards $108,000.
While such a rally has come as a relief for many traders and altcoins, crypto OG Ansem believes the price of Bitcoin is now poised for a potential price rally to the upside, with new all-time highs in sight.
Ansem’s Tweet On Bitcoin’s Bullish Strength Gains Attention
His recent tweet regarding the price action of Bitcoin (BTC) has generated considerable buzz as crypto traders and fellow degens call for a potential new all-time high loading for the Bitcoin price.
Although a new high for Bitcoin price would be welcomed, Bitcoin dominance (BTC.D) maintaining strong price action above the 55 mark point remains a strong worry for altcoins as they have struggled to outperform Bitcoin in the last few months.
A potential decline and crash of BTC.D towards a region of the 30 to 25-point mark could signal a season for many altcoins with strong potential for multiple rallies to the upside.
Bitcoin Price Analysis Ahead Of The Week
Source – Bitcoin Price Chart From Coinmarketcap
The price of Bitcoin has seen its breakout to a high of $108,700 following a recent price crash towards a key liquidity zone of $100,000, which led to panics from traders and investors expecting a potential price decline towards $96,000. Still, the price has responded strongly, trading above $106,000, where it has remained in a range for days.
Following a strong bounce from its low, Bitcoin’s price broke out of its downtrend on the 4HR timeframe, with the price retesting this region to confirm a potential strong rally to the upside, as the price has maintained bullish price action trading above $108,700.
With such bullish price action, the price of Bitcoin could see a strong rally to new all-time highs in a few days, as it is just shy of a few thousand dollars off its previous highs of around $111,600.
