Bitcoin has staged a large rally after falling below $30,000, but it could face an tough struggle as it attempts to make further gains.
The world’s largest cryptocurrency reached highs of $31,00 early on Wednesday, yet a persistent downtrend means BTC could find it challenging to exceed $37,000 short term.
Anticipating that Bitcoin will face a reaction, I anticipate that we will either see a corrective pullback or the next bigger leg down. There’s little doubt that crypto bulls will be hoping for the former rather than the latter.