Bitcoin’s (BTC) price rally has stalled in the last 10 weeks, but the bullish case remains intact with prices hovering well above a historically strong price support. The leading cryptocurrency broke into the latest bull market on April 2 with a high-volume rise from $4,000 to $5,000. It subsequently went on to hit a 17-month high of $13,880.
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Bitcoin dominance has a lot of room to rally further and I think we are very likely to see an uptrend begin in the weeks ahead that would continue towards the end of the year and possibly towards Bitcoin (BTC)’s halving in 2020. Bitcoin (BTC) despite being hailed as digital gold is nowhere close to being a safe haven asset. If we are being.
Bitcoin (BTC) has finally declined below the descending triangle. The bears have triumphed over the bulls and we saw BTC/USD crash almost 10% within 24 hours. This is a very bearish development and the fact that the descending triangle has been broken to the downside means that further downside might be in the offing long term.