Bitcoin Nears Highs, But It May Not Be Ready for a Breakout; Here’s Why

Bitcoin Nears Highs, But It May Not Be Ready for a Breakout; Here’s Why


Bitcoin has seen some incredible strength throughout the past few days, with each dip being aggressively absorbed by buyers This has allowed the crypto to rally past the $18,000 level and gain what appears to be a strong and stable foothold here Where it trends in the near-term should depend largely on its continued reaction to this level One analyst is noting that BTC does look like it wants to test its post-2017 highs of $18,600 That said, he also notes that this latest move higher is mainly being propelled by derivatives traders, with funding rates soaring This could be a grave sign that downside is imminent in the near-term

Bitcoin is in the process of pushing higher, with bulls aiming at testing its 2020 highs of $18,600 that were set just a few days ago.

How it reacts to this level in the near-term will depend largely on whether or not spot buyers will step up

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