Bitcoin Analysts Express Optimism as Price Nears Resistance Level That Stymied It in May
Analysts are growing optimistic about bitcoin's (BTC) price prospects after a rebound toward a crucial resistance level that capped gains earlier this week.
Since testing the 50-day simple moving average support near $63,500, the leading cryptocurrency has bounced sharply to breach $67,000, CoinDesk data show, and is closing on a resistance line identified by the trendline connecting March and April highs. The so-called descending trendline proved a tough nut to crack on Monday – as well as when it last came into focus in May – becoming a level to beat for the bulls.
