Crypto
Bitcoin Bulls Eye Key Resistance Amid 20% Rally
Bitcoin has made significant gains over the past few weeks, rising more than 20% from its yearly low. The price increase has driven BTC/USD to multi-month highs, with some analysts suggesting that a larger trend reversal may be underway.
The advance is approaching key resistance levels at 70,283 and 71,402, where buyers will need to prove their strength to continue the upward momentum. A stabilization above the August breakout zone would keep the prospect of a larger trend reversal in play.
From a trading standpoint, losses below 65,416 would invalidate today's breakout, while a close above 71,402 is needed to fuel the next major leg of the rally.