RATE Group | Crypto Analyst: Bitcoin Bull Rally is Over if Trendline Breaks
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Crypto Analyst: Bitcoin Bull Rally is Over if Trendline Breaks

24 Aug Crypto Analyst: Bitcoin Bull Rally is Over if Trendline Breaks

Posted at 01:55h in Bitcoin News by

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Bitcoin has been on a bull run since the start of 2019, after bottoming in December 2019. Momentum picked up with a $1,000 candle in April and the crypto asset was off to the races ever since.

But now the race appears to be coming to an end, and Bitcoin could cross the finish line soon with a break of a multi-month trendline that has been supporting Bitcoin price thus far and preventing the crypto asset from falling below $10,000.

Bulls In Trouble if Multi-Month Bitcoin Trendline Breaks

Following April’s $1,000 candle in a matter of an hour that set off a domino effect of crushing altcoins and causing Bitcoin to go parabolic, the crypto asset experienced only a few small corrections before breaking back above the important FOMO trigger level of $10,000 where it’s been for the last few months.

Related Reading | Bitcoin Price Struggles With Support at $10,000, What’s Next for Crypto Markets? 

One of those minor corrections involved a test of support at $7,500. From there, a…

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