Bitcoin is erupting higher once again after managing to pass $17,000 just hours ago earlier this morning. It appears that the cryptocurrency is entering the “blow-off top” phase of the market cycle, surging hundreds of dollars higher over the span of a few hours. At the local peak, Bitcoin traded for $17,750, though now trades for $17,600 after a slight retracement. It is unclear if the cryptocurrency will continue its ascent in the hours ahead as the momentum seems to have paused for the time being.
Chart of BTC’s price cation over the past few hours from TradingView.com Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Further Upside Possible for Bitcoin?
Analysts expect further upside as Bitcoin continues to move above pivotal macro resistance levels amid this rally. Josh Rager, a crypto-asset analyst, recently commented on the cryptocurrency:
“Bitcoin is shredding each resistance on the daily and high time frames With a close over