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#BITCOIN BULLRUN is in here ⁉️
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- The main resistance level is between $66,000 and $67,000.
- Bitcoin has broken above $66,000 and a trend line at $63,500, and a local top at $64,500.
🪷 Market Analysis:
- The current movement is more bullish than the last time Bitcoin was at this level (end of April).
- Volume is high at $42 billion, which is a good sign.
- However, general sentiment and volume indicators are not amazing.
🪷 Short-term Outlook:
- Bullish on the short term, but needs more confirmation.
- Bitcoin dominance is increasing, which is superbullish.
- Ideally, Bitcoin dominance should fall to give altcoins a chance to rally.
🪷 Technical Analysis:
- Open interest has increased by over $2 billion in a day, mostly long orders.
- Expect some resistance at the current level, but a breakout above $67,000 would be bullish.
- The first price target is $69,000, but a pullback to $64,000-$65,000 is more likely.
🪷 Conclusion:
- Fairly bullish on Bitcoin, but there's always a chance of a big bull trap.
- A drop in Bitcoin price could be beneficial if it means altcoins can recover and rally later.
