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Bitcoin Flirts with $36,000 as Rally Seems Unstoppable

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Thu, 2/11/2023 - 5:43
Bitcoin Flirts with $36,000 as Rally Seems Unstoppable
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Bitcoin recorded a peak of $36,024 on the Binance exchange earlier today. This mark stands as the cryptocurrency's highest value since May 2022. 

At present, the coin is marginally below its peak, trading just above $35,000, according to Binance data.

A healthy rally? 

Industry observers are keenly monitoring Bitcoin's current rally, with many offering their insights. 

Joe Carlasare, an early Bitcoin adopter, has noted that the ongoing rally is characterized by strength and steadiness. 

He points out the consistent growth in the currency's value, contrasting it with previous parabolic price movements which were often accompanied by higher volatility.

It is worth noting that Bitcoin is down 48.98% from its all-time high, according to CoinGecko data

Rising euphoria on the horizon? 

Meanwhile, Henrik Zeberg's recent tweet suggests heightened enthusiasm in the crypto space. He anticipates a significant surge in crypto prices, alluding to the possibility of a so-called "blow-off top". 

A "blow-off top" in technical analysis of financial markets refers to a specific chart pattern. It is characterized by a sharp and rapid price increase, driven by extreme optimism, speculative buying, and a pervasive fear of missing out (FOMO) among investors.

This bullish perspective resonates with a lot of other industry analysts who believe that this rally may still have more room to grow.

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