These 3 Factors Suggest Bitcoin is Ready to Explode Higher in Coming Days

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Bitcoin has firmly broken above $16,000, with the cryptocurrency flashing signs of immense strength as buyers move to shatter this incredibly strong resistance level Analysts believe that this ongoing rally may just be getting started, as there are a multitude of different factors currently working in bulls’ favor One trader explained in a recent tweet that funding rates and premiums have both been diving, signaling that margin traders are flipping short This trend, coupled with stable open interest and no firm rejection above $16,000, seems to indicate that further upside could be imminent He is targeting a move towards $16,700 Bitcoin is finally extending its recent uptrend after a prolonged bout of consolidation within the upper-$16,000 region. The selling pressure that previously existed here was intense and catalyzed multiple selloffs. The break above this level is technically significant and could indicate that further upside is imminent. If this level is…

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