The US stock market opened higher, and the Bitcoin positive cycle has risen by 18% in the past 20 days, challenging the key resistance level. The bull cycle has surpassed the 50% Fibonacci level of $63,847 and is currently trading at $64,338.
Recovering from a 1.73% drop last night, the Bitcoin price has risen by 1.89% today from the opening price of $63,121. The ongoing bull run has surpassed the key 50-day and 200-day EMAs, avoiding a death cross event.
With this, the 50-day and 200-day EMAs resumed positive trends and may provide dynamic support. The bull cycle within the channel marks a double bottom reversal, a V-shaped recovery, surpassing the neckline, which coincides with the 50% Fibonacci level.
Therefore, the Bitcoin price has broken through the key high supply resistance area, increasing the chances of a bullish trend.
Therefore, it is only a matter of time before the previous high is broken, and there will definitely be a correction. At least before the next interest rate cut and the general election, the market is not expected to change much.
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