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Bitcoin's Crucial Resistance Level Highlighted by Top Trader

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Despite current bearish signals, potential future catalysts, including Bitcoin ETFs and blockchain developments, could boost the Bitcoin price

to explain the all-time high anchored volume-weighted average price zone's importance for Bitcoin, arguing that it remains"a crucial resistance level."

The VWAP, a trading benchmark, calculates the average price at which a currency or security has traded throughout the day, based on both volume and price. Responding to a fellow trader's question about his chart analysis, Wujastyk clarified the difference between the actual VWAP and its zone. He noted that while his previous analysis had Bitcoin above the actual VWAP, indicating bullish signals, it was still under the ATH VWAP resistance in the updated chart.This discrepancy comes from the difference in timeframes, as his previous analysis was on a weekly chart, while the recent one is on a monthly chart.

 

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