Bitcoin Breaks Critical Resistance Levels, Signaling Potential New Bull Market Bitcoin has broken out above several key resistance levels, signaling that a new bull market may be starting according to technical and on-chain indicators. Here are the key takeaways:
Breaking Critical Resistance * Bitcoin cleared the crucial $48,500 resistance level last week, corresponding to the 0.618 Fibonacci retracement of the last bear market. * In addition, Bitcoin broke out above key moving averages including the 100-day, 50-day, and 50-week averages.
History Repeating * Breaking the 0.618 Fib level has kicked off Bitcoin's past mega bull runs after halvings. * 2016: Breakout at $700 preceded run to $19K peak over the next year. * 2020: Breakout at $13.5K preceded run to $69K peak.
Bullish On-Chain Activity * Hashrate and active addresses have notched new all-time highs, signaling strong network fundamentals.
The Road Ahead * With the upcoming halving event in 60 days plus rising hype behind a spot Bitcoin ETF approval, conditions are ripe for continued upside. * Upside target in the next 5-6 months: New all-time highs.
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