It has been a wild day for Bitcoin (BTC), with the benchmark cryptocurrency finding itself caught within the throes of immense volatility that has primarily been bull-favoring.
This volatility has allowed the crypto to rally up towards $10,000, although it has hit some intense resistance during the course of this latest upswing.
Although it still remains unclear as to just how significant today’s rally will be for the crypto’s long-term trend, it is important to note that there are multiple outstanding fundamental factors that suggest BTC is in for a large correction.
Bitcoin Rallies, But Intense Resistance Looms on The Horizon
At the time of writing, Bitcoin is trading up just under 5% at its current price of $9,600, which marks a notable climb from its daily lows of $9,200 that were set during the course of the cryptocurrency’s recent downtrend.
It is important to note that BTC was rejected earlier today after rallying to highs of over $9,800, and it has so far been unable to gain any type of solid foothold within the coveted five-figure price region. Read More...