Will the upward trend of bitcoin continue?
Bitcoin has rebounded significantly, surpassing $71,000. This development is believed to be due to the breakout of the triangle consolidation pattern that occurred recently.
There is skepticism about whether the upward trend of bitcoin will continue. The FOMC is unlikely to have any surprises, and there seems to be no buying catalyst at the moment.
It seems more natural to interpret the current situation as a temporary pause in short (selling) rather than new buying.
The timing for selling on the rebound is believed to be between 70,000 to 73,000 dollars. There are triple bottoms and a ceiling line that created the recent decline.
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