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The Bitcoin price yesterday broke through a very key level on the Bitcoin chart. This range is an area of high trading volume and resistance. We have seen Bitcoin enter this key region and range for days before finally finding support.
This made the $46k price region a very key level the Bitcoin bulls needed to break to remain bullish. Bitcoin finally broke through however, we did not see bullish momentum pick up in the Bitcoin chart after this break as we had earlier predicted in our previous Bitcoin analysis Bitcoin Just Broke Through This Key Level! Rally To $59k?
Instead, we are seeing the Bitcoin price continue to range even after this bullish breakout. Is this a bearish signal for Bitcoin?
In this Bitcoin analysis, we will be talking about our current bias on Bitcoin as well as the key levels we are watching on the Bitcoin 4-hour timeframe.
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Drying Bullish Momentum?
While many traders might be worrying that Bitcoin is still ranging around the $46k key support, we believe that we are looking at a key region that spans from $46k to $42k.
As far as the Bitcoin price continues to trade above this $42k lower boundary region of the support, we will remain bullish on Bitcoin. This there is still a very high probability for us to see a bullish rally in the coming days!
But for that bullish prediction to happen, the Bitcoin bullish momentum needs to rise fast! Because right now it is drying up and it is doing this at a key level.
What Could This Low Momentum Cause?
With no bullish momentum to keep on pushing the Bitcoin price higher, we can expect the Bitcoin bears to return.
This makes the $42k level the most important level on the Bitcoin chart right now! If Bitcoin can stay above this key level, then there is a high chance for us to rally to ATHs soon!
However, if this $42k support breaks, we can expect to see a massive sell-off occur on the Bitcoin price in the coming days!
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