Based

LONG

Coin

<ul class="news-points">
 <li><strong>A technical analyst used BTC trend context and on-chain data to predict whether to go long or short.</strong></li>
 <li><strong>BTC experienced a massive spike on the fifth; it rose from $30.6K to $34.7K.</strong></li>
 <li><strong>BTC regains its lost uptrend gradient but it won’t be able to hold that shape for long.</strong></li>
</ul>
<p>Technical Analyst CryptoSoulz expounded reasons as to what made BTC spike by 25% during the last 5 days, in a tweet. The analyst supplemented his reasoning on the on-chain data and the context of Bitcoin’s uptrend. Based on that, CryptoSoulz advised his followers to either short or go long.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Why did <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> pumped +25% on the last 5 days?<br><br>In this THREAD I will explain;<br><br>1. Take a SHORT or LONG position in <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> from here? <br>2. On-chain data to back up your analysis.<br>3. Context of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> uptrend.<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;">(1/8) <a href="https://t.co/ivmPkxbYQo" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ivmPkxbYQo</a></p>— CryptoSoulz (@SoulzBTC) <a href="https://twitter.com/SoulzBTC/status/1717140096019792201?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 25, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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</figure>
<p>In the thread, the analyst requested his followers to short BTC as he was tentative about BTC testing the key resistance is placed at $37,330. When looking at the weekly chart below, it could be seen that BTC was gaining value throughout the week except for the few retracements it went through.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full is-resized"><img decoding="async" width="975" height="396" src="https://coinedition.com/wp-content/uploads/2023/10/btc-432.jpg" alt="" class="wp-image-345817" style="aspect-ratio:2.462121212121212;width: 100%;height:auto" srcset="https://coinedition.com/wp-content/uploads/2023/10/btc-432.jpg 975w, https://coinedition.com/wp-content/uploads/2023/10/btc-432-300x122.jpg 300w, https://coinedition.com/wp-content/uploads/2023/10/btc-432-380x154.jpg 380w, https://coinedition.com/wp-content/uploads/2023/10/btc-432-768x312.jpg 768w, https://coinedition.com/wp-content/uploads/2023/10/btc-432-159x65.jpg 159w, https://coinedition.com/wp-content/uploads/2023/10/btc-432-795x323.jpg 795w, https://coinedition.com/wp-content/uploads/2023/10/btc-432-440x179.jpg 440w, https://coinedition.com/wp-content/uploads/2023/10/btc-432-414x168.jpg 414w, https://coinedition.com/wp-content/uploads/2023/10/btc-432-326x132.jpg 326w, https://coinedition.com/wp-content/uploads/2023/10/btc-432-377x153.jpg 377w, https://coinedition.com/wp-content/uploads/2023/10/btc-432-123x50.jpg 123w, https://coinedition.com/wp-content/uploads/2023/10/btc-432-129x52.jpg 129w" sizes="(max-width: 975px) 100vw, 975px">
  <figcaption class="wp-element-caption"><em>BTC/USDT 1-Week Chart (Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMark…</a></em>
  </figcaption>
 </figure>
</div>
<p>The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/crypto-analyst-unveils-reasons-for-btcs-spike-by-25-in-5-days/">Crypto Analyst Unveils Reasons for BTC’s Spike by 25% in 5 Days</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.</p>

Crypto Analyst Unveils Reasons for BTC’s Spike by 25% in 5 Days

Coin Edition

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