Bitcoin Needs to Surpass $16,200 to Confirm the Case for a Further Rally

Bitcoin Needs to Surpass $16,200 to Confirm the Case for a Further Rally


Bitcoin has begun to thrust higher once again after an extended bout of consolidation under $16,000. The leading cryptocurrency currently trades for $16,150, up 3% in the past 24 hours alone. BTC has begun to outpace altcoins once again, with most digital assets actually recording losses against the U.S. dollar today.

At $16,150, Bitcoin is slightly below the local highs at $16,225, which the cryptocurrency has tapped twice over the past few hours. Analysts think that the cryptocurrency must clear that technical resistance if it is to confirm the case for a further rally. Analysis shows that the level is one of historical importance.

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Analysts say that Bitcoin must decisively break past $16,200 to confirm its latest leg higher. One crypto-asset analyst shared the chart seen below on November 12th, noting that $16,220 remains a level of interest for him because it is

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