Bitcoin Primed to Bounce as $16,000 Level Holds Multiple Times

Bitcoin Primed to Bounce as $16,000 Level Holds Multiple Times


Bitcoin has undergone a slight drop since the $16,400 highs. Though analysts think that the cryptocurrency remains bullish as the $16,000 support level holds.

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Analysts think that Bitcoin could move back toward the local highs as it holds $16,000 with precision. Sharing the chart below, one trader said recently:

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“$BTC looks ready to test at least $16.2k Multiple wicks into previous resistance is reminding me of the weekly retest at $10k.” 

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Chart of BTC’s price action over the past few weeks with an analysis by crypto trader HornHairs (@CryptoHornHairs on Twitter). Source: BTCUSD from TradingView.com

Other analysts have expressed this optimism about Bitcoin.

Referencing a chart, the same trader that predicted Bitcoin would see a V-shaped reversal during March’s recently said the following, sharing a chart

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