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Bitcoin is Just a Few Hundred Away from Entering a Glorious Bull Market


Bitcoin is Just a Few Hundred Away from Entering a Glorious Bull Market

Bitcoin has seen some generally lackluster price action throughout the past several days and weeks, struggling to garner any decisive momentum as it hovers within the mid-$9,000 region. This price action has muddied the clarity that many analysts previously had as to just how strong the cryptocurrency’s uptrend truly is, and has shaken the confidence of bullish investors. It does appear that BTC’s bull case still remains strong, however, as there are a few factors that suggest upside could be imminent in the days and weeks ahead. Yesterday, its weekly candle was able to flip a massive descending trendline that it has been caught beneath for the past year. It still remains slightly below a key horizonal resistance level that is stunting its growth, but analysts are noting that a break above this level could be enough to spark a massive uptrend.

Bitcoin Flashes Signs of Strength Despite Consolidation Phase

At the time of writing, Bitcoin is trading up marginally at its current price of $9,730. This marks a notable climb from its recent lows of $9,400 that were set overnight in a sharp and fleeting movement. This decline was followed by a rally to highs of $9,900, but buyers were unable to sustain this momentum and it has since retreated back down to its current price levels. Read More...