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Bitcoin’s Monthly Candle Flips Bullish as Macro Outlook Grows Brighter


Bitcoin’s Monthly Candle Flips Bullish as Macro Outlook Grows Brighter

Bitcoin has seen some mixed price action throughout the past couple of days, declining to lows of $9,400 yesterday before garnering some intense upwards momentum that allowed it to recapture its position at $9,800. It does appear that BTC’s macro outlook is shaping up to heavily favor buyers, as the cryptocurrency’s monthly candle has now flipped into bullish territory. Analysts do believe that this is a positive sign for its long-term outlook, although its inability to decisively break above $10,000 is a grim short-term factor to be considered. Assuming that this bullish monthly candle does help boost Bitcoin higher in the weeks and months ahead, some analysts are noting that it could rally as high as $14,000 before finding any strong resistance. This would coincide closely with its 2019 highs of $13,800.

Bitcoin Flashes Signs of Overt Strength as Monthly Candle Flips Key Trendline

At the time of writing, Bitcoin is trading up over 2% at its current price of $9,700 – stuck within a consolidation phase over the past week. The crypto’s ability to guard against any type of harsh downtrend even in spite of the harsh rejection it recently faced at $10,400 does seem to be a positive sign for buyers. Read More...