In our previous Bitcoin analysis Bitcoin Surge Coming! Watch Out For This Bull-Flag, we talked about the flag pattern as well as the $58,298 resistance the Bitcoin bulls had to break to confirm the resumption of the bullish trend.
Well, the two resistance have been broken and right now the Bitcoin price is retesting support and building momentum for a potential price surge to $70,000 region in the coming days.
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$58,298 Key Level
The Bitcoin price has just broken through the $58,298 key level, potentially turning it into key support for Bitcoin. We want to see the Bitcoin price continue to trade above this level and for bullish momentum to pick up.
However, a close back below this $58,298 level does not necessarily mean Bitcoin will start selling off again. it however means that Bitcoin might trade sideways for a little bit longer before finally resuming the bullish trend.
Any Resistance Up Ahead?
The only resistance Bitcoin faces right now is the current ATH at $61,634. Once Bitcoin breaks through this level, we have no other price resistance to worry about as Bitcoin would be trading in uncharted territory.
This means we can expect price volatility to increase and for more buyers to begin stepping into the market.
However, if the ATH level at $61,634 holds we might see Bitcoin range a bit at that region before finally gathering enough momentum to break out.
For more trading ideas click on our Youtube video below where we talked more in-depth about the patterns developing on the Altcoin market right now!
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