We’ve got some exciting information about the world of Bitcoin and the potential rally we’ll see. Cryptocurrency trader and analyst Kevin Swenson shared some fascinating thoughts on Bitcoin.
According to the present situation, Sense Bitcoin can uptrend may be set to form near the resistance zone and a bullish bias in the coming days and weeks.
Svenson points out that a weekly close above the resistance zone around $44,000 could be a game changer. This could soon signal a market reversal that sees the bulls gaining control and setting the stage for a bullish bias.
Kevin Svensson suggests that if Bitcoin succeeds in breaking the important level of $49,000 then markets could take the lead.
Where short positions find themselves stranded in liquidity, combined with other factors such as trending markets and high demand for Bitcoin.
In addition to the technical analysis that points to the price of the bitcoin being towards $60,000, Svenson also considers other factors in favor of a bullish bias.
These include the potential psychological impact of investors wanting to get into the market before Bitcoin.
The price update over the next few weeks could be crucial for Bitcoin and a break above $49,000 could be a catalyst for a bigger rally.
Keep a close eye on the charts and market developments today. Bitcoin is trading at around $43,015.80 today.
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