Bitcoin’s price is finally gaining some bullish momentum following almost two months of correction. It seems that the bulls are looking to paint a new record high in the coming weeks, but will they make it?
Yet, the price has finally broken above the channel’s midline and is on its way to test the higher boundary of the pattern. In case of a bullish breakout above the descending channel, market participants can finally expect a rally toward higher levels.Looking at the 4-hour timeframe, the price has recently broken above the midline of the descending channel and retested it. As a result, the market is currently targeting the $68K resistance level.
Yet, with the market rising back above $60K, the reserves have dipped again, dropping below the 30-day moving average and even making a new low. Therefore, it seems that investors are withdrawing their coins from exchanges, as they expect a longer price rally.
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