History Favors the Bulls as Bitcoin Trades Sideways at $10K

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Bitcoin’s (BTC) price rally has stalled in the last 10 weeks, but the bullish case remains intact with prices hovering well above a historically strong price support.The leading cryptocurrency broke into the latest bull market on April 2 with a high-volume rise from $4,000 to $5,000. It subsequently went on to hit a 17-month high of $13,880 on Bitstamp on June 26.Since then, however, the cryptocurrency has charted a narrowing price range with lower highs above $12,000 and higher lows below $10,000, as seen in the chart below.The consolidation is reminiscent of a contracting triangle near $6,000 seen in the August to October period last year. That narrowing price range had ended with a downside break in November.The latest consolidation, therefore, may force investors to question the validity of the bullish breakout confirmed in April.However, it is too early to call an end of the bull market and the risks…

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