RATE Group | Bitcoin Price Increase Turns Long-Term Bear Bullish
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Bitcoin Price Increase Turns Long-Term Bear Bullish

20 Jul Bitcoin Price Increase Turns Long-Term Bear Bullish

Posted at 21:38h in Bitcoin News by

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Staunch Bitcoin bear Boris Schlossberg, Managing Director of FX strategy at BK Asset Management, has expressed positive sentiment on key matters surrounding the world’s largest cryptocurrency’s recent rally.

TA Driving Breach of Resistance Levels

Speaking to CNBC’s “Trading Nation,” Schlossberg noted a few important points about Bitcoin’s 00 recent price surge. He said:

After consolidating for months around the $6,000 level, bitcoin had a burst of activity over the past few days, rising by nearly 16 percent since Monday alone; much of that gain came from a sudden 11 percent rally on Tuesday as it appeared several technical levels were broken.

Bitcoin saw an unprecedented rise in its price on July 17. The cryptocurrency gained nearly $700 in a little less than 45 minutes, once again grabbing everyone’s attention.

Schlossberg noted earlier this year that should Bitcoin ever fall below $5,000 it will trigger “forced liquidation from all ends.”

However, he is now taking…

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