Bitcoin has been trading within a narrow range for the past 12 days, but the fact that bulls have held the crucial $30,000 support level is seen as a short-term win for them. Despite the sideways trading, there is growing optimism that BTC has the potential to break through upper resistance zones and reach new highs.
According to Yan Alleman, co-founder of blockchain analytics firm Glassnode, Bitcoin’s recent sideways trading has paved the way for potential bullish momentum shortly. However, Bitcoin is facing a critical moment as its price fluctuates within a narrow range and if it fails to recover soon, it could test support at $28,500.
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