In the four hour period, Bitcoin has made a considerable rise, which underlines bull pressure. The market seems ready to attempt to breach the $70,000 resistance level let alone the significantly important $73,000 level. If prices surge past these levels, the implication will be a highly bullish run. According to current market trends, it appears that Bitcoin is readying for this challenge.
A long-term upward trend remains intact while short-term corrections remain a chance to buy markets. The $67,000 value has been a key support level that has not been breached in previous price drops. Indeed, in the past several weeks, if not months, we have observed a bid to the institutional money which has supported and boosted the market. This institutional interest can be seen as an indication of a long-term bulls’ situation.
On this background, investing in dips makes a lot of sense. It is mainly due to the bouyant accumulation level at the support level of $67,000 and their institutional interest. However, at this point, it can be said that it would not be effective to sell Bitcoin. Instead they should continue to take advantage of selling pullbacks and trading the ascending trend.
