Bitcoin has been on a remarkable rally over the past few weeks. The asset has mounted past resistance level after resistance level, recently crossing $9,000. Market cynics have said that BTC’s recent inability to surmount the key $9,500 resistance is indicative of a top. Though analysts are starting to agree that there’s a growing converge of positive signs for Bitcoin. The strong recovery in the price of BTC since March’s $3,700 lows has allowed it to print a number of bullish signs. One top trader identified some of these signs on a weekly time frame, and they are as follows: Chart from @CryptoHamsterIO (Twitter) Also on a weekly time scale, Coindesk market analyst Zack Voell noted that Bitcoin on Sunday night closed its seventh consecutive week of gains, something not seen since April 2019, when the last bear market ended. Chart from Zack Voell This would suggest that should history repeat itself, the cryptocurrency is on the verge of yet another bull run. With Bitcoin being a market based on reflexivity (meaning momentum), this makes sense. Alongside these positive technical trends are fundamental events that could catalyze Bitcoin growth. The Federal Reserve just committed to even more money printing in the weeks ahead.Related Reading: A Massive VC Just Raised $500M to Back Crypto: Here’s Why It’s Important
Bitcoin Flashes Flurry of Positive Signs on Weekly Chart
Add Bullish Fundamentals to the Mix
Photo by laurent DE BRITO on Unsplash
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