Bitcoin’s Latest Surge Higher Is Extremely Positive: Factors to Consider

For the past month, Bitcoin has effectively flatlined in an extremely tight consolidation pattern. Prices have been locked in a ~7% range between $8,900 and $9,400. Earlier this week, the cryptocurrency began to resolve the consolidation by inching higher. This culminated in a strong surge higher that peaked on Thursday, when BTC hit $9,650 on leading exchanges. Analysts say Bitcoin has room to rally despite the fact the asset remains below key resistance levels. Bitcoin broke as high as $9,650 on Thursday on the back of millions of dollars worth of liquidations and buying pressure. The asset has since experienced a slight pullback to $9,500, yet analysts remain optimistic as technicals and fundamentals continue to support bulls. Bitcoin Has Room to Rally, Say Analysts BTC’s ongoing breakout has allowed it to deny a bearish market structure that was set to send the asset plummeting, said an analyst on Jul. 22.…

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