Bitcoin Nears Major Resistance Level: Will Bulls Push Price Higher?

• Bitcoin’s price has gained significant bullish momentum and recovered from the drop caused by the FTX fallout.
• It has reached a robust resistance and if the bulls push the price above it, a mid-term uptrend will become possible.
• Bitcoin currently faces a critical resistance level of roughly $21.5K.

Bitcoin’s price has been on a tear in recent weeks, as the world’s leading cryptocurrency has surged to new all-time highs. After dropping from its recent peak due to the FTX fallout, Bitcoin has since recovered and is now aiming for the critical resistance level of $21.5K.

The daily chart for Bitcoin shows that the cryptocurrency has managed to break above the 50 and 100-day moving averages, as well as the upper trend line of the wedge. This is a positive sign for the bulls, as it suggests that the market is gaining some momentum.

If Bitcoin is able to break above the $21.5K resistance level, it could signify a major shift in the market. This would likely lead to a mid-term uptrend, as investors become more confident in the cryptocurrency’s long-term prospects.

However, it is important to note that the $21.5K level is a major pivot and will likely prove to be a difficult resistance to break. This means that the market could still enter a period of consolidation if the bulls fail to push the price above this level.

In addition, it is also worth noting that the market is still relatively volatile and a number of external factors could still influence Bitcoin’s price in the short-term. This includes the upcoming Biden administration, as well as the ongoing uncertainty surrounding the economic outlook.

Overall, Bitcoin’s price has been on a strong run and is now at a critical resistance level. If the bulls are able to push the price above this level, then it could pave the way for a mid-term uptrend. However, it is important to remain cautious and keep an eye on the external factors that could influence Bitcoin’s price in the short-term.

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