The Bitcoin price has been rallying for the past few days now, fueling the hopes that the Bitcoin bull run has finally resumed after Bitcoin crashed more than 22% from its ATHs.
However, this dream might be cut short as Bitcoin has been unable to break through the $58,274 ATHs set by Bitcoin only a few weeks before. If the bears continue to hold this position, there is a very high probability that we can expect to see translate into a sell-off soon.
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What Does It Mean For Bitcoin? End OF Rally?
While Bitcoin is still struggling to break through the $58,274 resistance and make a new ATH, it is important to note that Bitcoin is still very bullish.
We are yet to see weakness come into the Bitcoin price. The Bulls are buying up every price deep!
This high buying frenzy occurring on the Bitcoin chat increases the probability of BTC breaking through the $58,274 resistance and creating a new high to over 80%.
However, we still love to see price confirmation before entering any position. This way we avoid getting drawn in by fake moves or spikes in price.
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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin and Altcoin chat as well as key fundamental factors that might affect the Bitcoin price in the coming days.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With