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Bitcoin (BTC) Hits Resistance: Will Price Go Up or Down?
Contents
Nearly three months of sideways price action
Probable rejection for $BTC?
Two possible scenarios
Bitcoin (BTC) has just hit horizontal resistance, plus the top of a wedge formation. Will the price break through, and head back over $100,000, or is it about to get rejected and fall back down to $92,000?
Nearly three months of sideways price action
The current sideways price action for Bitcoin has been going on since mid-November of last year. Nearly three months of this, and Bitcoin is still tied up within a range that stretches from $92,000 at the bottom, to $106,000 at the top.
Of course, the price has popped out of this range on a few occasions, particularly to hit the last top at $109,000, and also to make the low at $89,000. Other than that, it has been fairly serene for Bitcoin, as it gathers strength for the next leg higher - or perhaps prepares to fall back down to the low $70K region.