Three Main Reasons Why Bitcoin is Setting Up For a New Bull Rally

The week is drawing to a close with Bitcoin back above $7,000 which keeps it consolidating as the bulls and bears battle it out. Long term trend lines are holding as is strong support but those are not the only reasons why the next bull run could be imminent.

Bitcoin Holds Major Support

Since its big mid-week pump, Bitcoin has held above $7,000 which has been crucial for the bigger picture. Over the past 24 hours BTC has found stable ground in the $7,150 area and has continued to consolidate there.

The move has kept the asset within its range bound channel for the past four weeks or so. The key take however is the holding of major support in the mid-$6k zone.

A short squeeze at the $6,500 prevented what would surely have been a huge dump down to $5k where the 200 week moving average and a number of Fib retracement levels lie.

As reported by NewsBTC yesterday, the $6,500 region is a key long term support zone and was the most traded price for Bitcoin for 2018. Industry analysts such as