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Latest Bitcoin Dip Did Little In Offsetting “Wildly Bullish” Bias; Here’s Why

Bitcoin dropped immensely after setting up a record high of $64,896.75 as some traders decided to secure short-term profits. The correction nevertheless did little in offsetting the benchmark cryptocurrency’s upside bias. Analysts remained convinced that the BTC/USD exchange rate would rebound from its sessional lows to pursue its uptrend as it was. One of them is Dr. Jess Ross. The founder/chief executive at Vailshire Capital tweeted earlier Thursday that Bitcoin remains “wildly bullish,” citing an ascending triangle to back his upside sentiment. In retrospect, the BTC/USD exchange rate was trading inside the bullish continuation pattern, with the area between $60,000…

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A Bitcoin Correction Towards $55,000 Likely At The End of Week

Key Bitcoin Price Outlook Bitcoin reaches a short-term resistance trendline that constitutes a descending channel pattern. The cryptocurrency risks upside rejection heading into the weekend session. Its downside target lurks near $55,000. Sliding US bond yields undermined the dollar and prompted bitcoin’s climb on Thursday. Nevertheless, the trade appeared cyclical as the cryptocurrency fell lower this Friday on signs of firmer yields and a rebounding dollar. That said, the underlying bullish sentiment in the greenback kept a lid on Bitcoin’s ability to log a full-fledged breakout. Investors and traders have long anticipated that the cryptocurrency would log strong gains above…

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Many Bitcoin Analysts Call For Rally Beyond $70,000; Here’s Why

Bitcoin traders and analysts are sticking to their conviction that the cryptocurrency’s price will hit at least $70,000 in the coming sessions. At the core of their upside outlook lies a classic technical indicator. Dubbed as Ascending Triangle, the pattern forms when an asset forms two or more rising troughs and almost equal highs in conjugation. The trendlines connecting these dots converge as the price rises, making it appear like a rising triangle. Bitcoin Bullish Structure? Check. Bitcoin ticks almost all boxes when it comes to confirming that it is forming an Ascending Triangle. The cryptocurrency’s two-month-old structure prompted it…

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