Bitcoin Price Analysis: Sideways Consolidation Paves the Way for Macro Uptrend

The buying pressure in the bitcoin market holds above the monthly resistance level, bulls devoured some short-lived selling pressure and we are now sitting in between support and resistance levels.
The buying pressure in the bitcoin market holds above the monthly resistance level, bulls devoured some short-lived selling pressure and we are now sitting in between support and resistance levels.
Investing - Bitcoin Price Analysis: Bearish Market Structure Breaks with a Single 20{c230f713c017dc65f4779ea962a30172a02822e5b61dcd2c1a3f0b90288e8727} Move

Summary:

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  1. Buying pressure continues as the bitcoin market holds above the macro, bearish trendline and the monthly resistance level.
  2. There was a small amount of selling pressure but it was absorbed by eager bulls. The selling pressure seems to be profit taking as we continue to establish a low time frame uptrend of higher lows and higher highs.
  3. On a macro scale, we are sitting in between support and resistance levels and it seems very likely we will continue upward until we encounter the $5,500 toto $5,800 zone.

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