Bitcoin Just Broke Its Downtrend as Analysts Eye Extension of Momentum

ByzGen 1 980x444

Bitcoin’s price action throughout the past 24 hours has been overwhelmingly bullish Following a prolonged period of range-bound trading between $10,200 and $11,200, the benchmark cryptocurrency was finally able to buck this trend and rally up to $11,400 Its ascent has been slowing as it pushes further into the $11,000 region, but it still remains overwhelmingly strong at the moment Analysts are now noting that this latest move higher broke the cryptocurrency’s multi-week downtrend This means that the tides may now start shifting in favor of bulls, potentially allowing for significantly further near-term upside Bitcoin and the entire crypto market have been rallying over the past day. This strength came about following a prolonged period of sideways trading and slight technical weakness. Bulls do appear to be well-positioned to catalyze further upside, as the cryptocurrency broke above its long-held resistance between $11,000 and $11,200 that has been respected for well…

Read the original article here