A week of bearish downturn saw Bitcoin [BTC] fall below $61k from its previous $65k resistance. However, at press time, optimism seemed...
And yet, specific conditions must align for a confirmed bull rallyfall below $61k from its previous $65k resistance. However, at press time, optimism seemed to be brewing in the market, with the crypto valued at close to $62k.
However, unless the bottom is fully exhausted, it might be hard for bulls to trigger a sustained rally., BTC’s weekly movement mirrored mid-August’s price action when a rejection near $65k halted a potential bull run. Typically, the departure of weaker investors often leads to a more stable market, allowing stronger hands to accumulate positions at favorable prices.
The LTH SOPR recently made a higher high. Historically, such movements have driven positions into FOMO and fueled expectations for future gains in the next cycle.If LTHs avoid panic selling – which seems likely – a near-term price correction might take hold. This could allow the $61k resistance to flip into support, with bulls then targeting the next resistance at $64k.
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