Bitcoin Again Retests Bull-Bear Junction Level – Will Resistance Break This Time?
At long last, the Bitcoin bulls are back and they are bringing a storm of excitement with them! After testing just-above-$6500, Bitcoin is once again retesting a critical Bull-Bear junction.
The last time Bitcoin headed here, we saw a swift and sharp rejection that sent BTC plummeting down to a low of $3,200 in late December 2018. In the last year, Bitcoin has ranged between $3,200 – $13,800, allowing plenty of profitable trading opportunities along the way – as well as some lose-some traders.
However, with the forces of bulls and bears soon to battle at this key junction, the outcome of Bitcoin’s near-term trajectory could soon become clear.
What Could Happen?
As traders and market commentators watch from the sidelines, we can only guess at the outcome of the inevitable battle. Here is what could happen:
- Bulls Break Through: If the bulls manage to break through this resistance level, it is likely that Bitcoin could reach or even surpass last year’s high of $13,800. Such an event could lead to a new crypto boom, as traders and investors alike rush to get a piece of the action.
- Bearish Rejection: If the bears manage to hold off the advancing bulls, then we’re likely to see Bitcoin plummeting down again. However, since we’re reaching lower than December’s low, the drops will likely be sharper and faster this time around.
What Is the Verdict?
Only time will tell what the outcome of this bull-bear junction will be. One thing is for sure, though – the next few days are going to be very, very interesting for Bitcoin traders and investors!
Some believe that the breakout could potentially lead to a new crypto-boom, while others think that this is just a false start that will ultimately lead to another bearish dip. Only time will tell who is right and who is wrong.
So, if you’re a risk taker, now might be the perfect time to jump in and see where Bitcoin goes from here. Good luck!
Leave A Comment