RATE Group | Bitcoin Has Breached a Key Resistance After Rallying 150% From $3,700 Lows
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Bitcoin Has Breached a Key Resistance After Rallying 150% From $3,700 Lows

17 May Bitcoin Has Breached a Key Resistance After Rallying 150% From $3,700 Lows

Posted at 07:54h in Bitcoin News by


Since the lows of $3,700 in March, Bitcoin has performed extremely well. Managing to shake off the fears of a recession and potentially even a depression, the leading cryptocurrency has exploded higher from $3,700 to $10,000 just recently, outpacing every other asset class in the process.

According to a top trader, the recent rally is much more important than Bitcoin’s price just rallying higher.

Bitcoin Breaks Key Downtrend in Boost to Bull Case

One prominent trader recently shared the chart below, indicating that despite the correction over the past few days, Bitcoin remains above a key resistance: the downtrend that was formed after BTC topped at $14,000 in 2019. This is a positive time, he suggested when he wrote:

“Zooming out on the three-day chart we can clearly see the downtrend from the 14k high is already broken and we are simply consolidating…

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