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Bitcoin is Fighting to Enter a Full-Blown Bull Market; Factors to Consider


Bitcoin is Fighting to Enter a Full-Blown Bull Market; Factors to Consider

Bitcoin bore witness to some intense volatility today that came about after the cryptocurrency’s price rocketed past $10,000 before facing yet another harsh rejection that led it back into the $9,000 region. This price action has once again resulted in BTC falling into the same consolidation channel that it was previously caught within, and its mid-term trend still remains incredibly unclear. This recent volatility marked the latest in a series of so-called “Darth Maul” candles that are orchestrated in an effort to flush out over-leveraged positions. BTC now appears to be engaged in an intense attempt to shatter a multi-year trendline that has been guiding it lower, and analysts are watching to see how it reacts to a few key moving averages for insight into where it may go next. One trader is even noting that one technical pattern suggests that Bitcoin is positioned to see some major upside is a teeters on the brink of entering a full-blown bull market. Read More...