Bitcoin defends $61K with GameStop stock resurgence likely to generate renewed appetite for risk assets

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Bitcoin (BTC) price tests the patience of traders as it glides along an ascending trendline on the four-hour time frame.

Bitcoin price defends support due to ascending trendline as BTC bulls hold above $61,000. GameStop stock shapes and accelerates markets for two days after Roaring Kitty’s surprise resurfacing. GME could generate renewed appetite for risk/hype among speculators seeking opportunities, potentially causing downstream effects on BTC and alts. Bitcoin price tests the patience of traders as it glides along an ascending trendline on the four-hour time frame.

Technical analysis: Bitcoin coils up for a bounce, but there is a catch Bitcoin price is primed for a bounce as it defends against further downside, shown by the Relative Strength Index , which is deviating horizontally. If this momentum indicator defends against a lower high, Bitcoin price could bounce atop the ascending trendline, potentially recapturing the $63,354 threshold.

 

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