Bitcoin (BTC) Price Breaks Above Key Resistance Level, but Bulls Are Not Safe Yet

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    The Bitcoin (BTC) price needs to break above the $7,800 level for the bulls to decisively take back control

Bitcoin (BTC) Price Breaks Above Key Resistance Level, but Bulls Are Not Safe Yet
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Contents

It looks like the endless days of sideways trading might be finally over with Bitcoin gaining ground above the key resistance level at $7,475. However, the bulls are most definitely not out of the woods unless the BTC price surges above $7,800, according to trader Josh Rager. 

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Are Bitcoin shorters going to cry? 

BTC was not exactly a good year for Bitcoin longers that completely dwarfed shorts when it terms of BitMEX liquidations. Satoshi Flipper is now certain that it's time for shorts to cry now that Bitcoin has staged an upside breakout from an inverse head-and-shoulders (iH&S) pattern. This is usually considered to be a solid buy signal for any asset.

Bitcoin Price

This time around, BTC has managed to stay above the $7,475 level, which means that the most recent breakout might be more than just a flash in the pan. 

CryptoDude says the top cryptocurrency needs to print a daily candle above the above-mentioned level for the bulls to continue pushing the price higher.    

Bitcoin Price

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Not so fast 

Rager is still on the fence even after the recent upside move. He reiterates that Bitcoin needs to jump above the $7,800 area for things to get more exciting.  

At press time, BTC is changing hands at $7,522 while its dominance has decreased to 67.67 percent due to some altcoins making substantial price gains

CoinStats data shows that the total market capitalization of the crypto market is exactly $200 bln. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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