BTC/SPY is basically retesting 2017 all time highs.
When you look at the btc chart from the perspective of btc/spy, it seems like bitcoin's current price action is basically a break of the previous all time highs from the 2017 parabolic rally, and then now consolidating and retesting those previous highs, as long as it can consolidate above this level I don't think you can rule out the possibility of another parabolic rally for bitcoin.
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