After an expected break, Bitcoin has finally broken out of its recent consolidation phase to trade at $8, 527.55 at its highest rate in 2020.
According to analysts, the current rate however is not sustainable in the short term but builds confidence to the long-term rally that is expected to be significant.
Considering recent lows of $8, 000 in the past week, the recent rally is a notable surge to an extended consolidation phase. However, it is also highly likely that bitcoin will see immense volatility making it uncertain if the $8, 500 price will be maintained.
It is now up to the bulls to maintain the current price for an extended period of time if price is to continue going up, otherwise expect massive sell that is expected to bring the price down to the $8, 000 range.
Recent massive gains by multiple major cryptocurrencies are bullish signs and analysts expect this to continue over the long-term despite short-term volatility. The altcoin market is also expected to fuel the bitcoin bull run which has not historically been the case.
All in all, the recent resistance level break is expected to be good signal for the crypto market and buyers’ strong defense of this level may just be what is needed to keep the price the going up.
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