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Bitcoin Price Approaches All-Time High

  • Leader
    Mar 16
    Bitcoin Price Approaches All-Time High

    BITCOIN PRICE APPROACHES ALL-TIME HIGH, IS A NEW RECORD AHEAD?To get more news about WikiFX, you can visit wikifx.com official website.

      Bitcoin suffered a notable setback last month as price fell from its
    record near $58,000 to the $43,000 zone in just a few sessions. While
    significant, we noted at the time that such a pullback could serve as
    healthy consolidation in the longer-term as months of remarkable gains
    left BTC/USD overbought. Losses have since been reversed and the
    technical landscape has improved with newfound support along an
    ascending trendline projection that could help Bitcoin take aim at new
    highs.

    BITCOIN (BTC/USD) PRICE CHART: 4 - HOUR TIME FRAME (DECEMBER 2020 – MARCH 2021)

      To that end, bulls may look to test the $58,000 area in coming
    sessions as little resistance lies between the current trading price and
    new highs. In the immediate future, a rising trendline from Bitcoin’s
    January peak may look to keep BTC/USD contained. That said, bulls have
    already begun to probe the level and a break above the trendline could
    see resistance turn to support.

    Either way, the technical
    landscape has improved considerably as Bitcoin was able to avoid a
    series of lower lows and lower highs. A new record above $58,000 would
    establish yet another higher high which would likely open the door for
    further gains.

      Nevertheless, Bitcoin has a penchant for
    volatility and losses can mount as quickly as gains, a fact traders
    should carefully consider.