Will Bitcoin Turn Bullish?
Bitcoin’s price action has been sluggish for a long time, which may have left some investors skeptical. In fact, according to CoinMarketCap, BTC has lost 2% of its value in the past seven days. At the time of writing, BTC is trading at $67,735.81 with a market cap of over $1.33 trillion.
However, things may soon change. Mags, a well-known cryptocurrency analyst, recently shared a tweet highlighting an interesting development. According to him, after breaking out of the previous month’s resistance level in March, BTC’s price has now turned that level into support. For the past few months, the price has been trading sideways above the previous high.
In an uptrend in the market, it is normal for prices to trade sideways before a big move occurs. In 2023, from March to September, prices remained flat for 7 months before breaking out and surging 178% on the charts.
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