Bitcoin has now solidified its position in the bull trend. With each recovery trend has come a risk of reversal though, which makes a strong point for bulls to continue to hold the value up. In times like this, a small slip-up can end up being devising for the value of the asset causing it to cascade down into another stretched out downtrend. However, if bulls are able to hold above this point, then bitcoin may well and truly enter into another raging bull market.

Why Current Position Is Important For Bulls

Bulls need to hold the current position for bitcoin if the digital asset is to continue on this bull trend. Otherwise, the reversal may be a brutal one that sends BTC back to the bottom it is trying to claw out of. Speculations for bitcoin still remain largely bearish, so anything to take the reins completely out of the hands of the bears remains the best course of action.

Related Reading | Is The Bitcoin Bottom In? Here’s What SOPR Data Says

With the current zone, it remains a hard fight for bulls as efforts to drag the value down seem to be working. For bears, this will be the perfect time to once again take action. Thisis because the price of bitcoin is in a zone where it had consolidated in December, which was followed by the crash towards $33,000. Spots like these make it hard to spot a clear resistance. There is resistance nonetheless as evidenced by the struggle to keep bitcoin above $44K.

Bitcoin chart

Bulls must hold over crucial point | Source: TradingView.com

It’s also important to keep in mind that probably for downtrend towards $36K remains high. However, this…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.