Why Bitcoin bulls remain optimistic about higher prices
Bitcoin (BTC) price has undergone a rejection against a significant short-term barrier but if it can break above a 25% rally could get underway. 10% is up for grabs if bulls can swing from one resistance to another. An endpoint for the run-up is likely to be the 55-day Simple Moving Average (SMA), with bulls potentially booking 25% of solid gains in the process.
Bitcoin price sees bulls hurt a bit by a firm rejection from the $21,969 level, the low of June 13, and a key short-term level on the chart. Although price action took a little step back since then, the Relative Strength Index shows bullish signs as it trades back above the oversold area and looks like it is tilting higher. With more bullish pressure mounting, supported by tailwinds from global markets that have entered a sort of a soft patch, Bitcoin could get set to return above $27,000.
Bitcoin price sees bulls hurt a bit by a firm rejection from the $21,969 level, the low of June 13, and a key short-term level on the chart. Although price action took a little step back since then, the Relative Strength Index shows bullish signs as it trades back above the oversold area and looks like it is tilting higher. With more bullish pressure mounting, supported by tailwinds from global markets that have entered a sort of a soft patch, Bitcoin could get set to return above $27,000.
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