If this figure can be sustained with conviction over the next three to four days it ought to signal that bitcoin is ready to once more push towards the $14,000 mark it came so agonisingly close to punching through only a fortnight ago. If it can’t keep a foothold, then the market will be in the hands of guesswork and leaving analysts scratching their heads as to why $12,000 has become such a robust line of resistance. However, most signs along with this current path point towards a rising value following almost a week of relative stability against the backdrop of recent volatility which has set the tone of bitcoin’s summer so far. Eyebrows had been raised in the first few days of sideways movement – a term which has barely been used in the same sentence as the decade-old crypto since last autumn – but it was swiftly identified as a possible coiling.
Just as a viper would coil before striking, a market asset will often have a short period of steady calm as it gathers volume in preparation for a sudden upward movement. As the overnight value of BTC shot up overnight, this theory was proved wholly accurate.
All that remains now is to wait patiently to judge what happens throughout the rest of this week. If it’s still above the resistance of $12,000 by the end of Thursday, then a push for $14k looks highly likely.
In short, the next few days could prove to be crucial for this niche market.
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