- Bitcoin is nearing a crucial trendline resistance that has held for 217 days, with previous attempts at breaching it resulting in price corrections.
- Market sentiment is increasingly positive, with growing institutional investment potentially supporting a breakthrough of this resistance level.
- A successful breach could trigger a significant price surge, with some analysts projecting targets as high as $100,000, while another rejection might lead to continued consolidation.
Bitcoin has once again come close to a key technical level, touching a trendline that has been a key barrier for over 217 days. The price of Bitcoin has met this resistance three times, unable to get through in the past and it has met another. Now, the market is waiting for this attempt 4 with many expectations that breach can engender serious upside movement establishing new All-Time High for this cryptocurrency.
Previous Rejections and Market Sentiment
Concerning this trendline, price behavior of Bitcoin entails several rejection points which have slowed up its price increase. These rejections have been over a period of several months with every attempt to breach the resistance entrapping a correction. The previous attempts can be considered as failed, so this trendline can be considered as defining Bitcoin’s short term movements.
Still, considering the fact that the market sentiment is turning increasingly positive while institutional investment starts flowing into BTC, the altcoin could be set to climb this wall of worry.
Key Technical Indicators Possible Outcomes
It is difficult to overstate the importance of this trendline, on which no breach has been observed for 217 days. The important level of 8’500 is regarded even by traders and analysts as the level of a breakout which attracts great attention if Bitcoin manages to close above it. If the above is noticed, this may mean that a new bullish run for Bitcoin has begun and the possibility of reaching a new high beyond $1200 may not be ruled out.
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If it is able to overcome this resistance level, this will open the way for a speedy consolidation of the Bitcoin price increase, with certain analysts predicting certain prices of up to $100,000. On the same note, another rejection could result in further consolidation with price range bound for the next couple of months. In any case, the market will likely experience high volatility in the next few days, as both traders and investors respond to Bitcoin’s fluctuations around this significant figure.
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