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The price does appear as if it has the opportunity to break out from where we are at this current moment in time:
What we’re observing here could be the symptoms of a flat top formation on the Bitcoin chart.
Check out this example:
Now, let’s take a look at the zoomed out view, once again (on the 4H)
To imagine that Bitcoin could make it past this $8.6k zone unscatched is absolutely unbelievable in my personal opinion, given just how overbought the RSI is at this point in time.
However, price action on Bitcoin has been defying expectations consistently since the beginning of the month. It appears that the hype behind Bitcoin potentially being listed as an ETF has been enough to convince individuals that they should buy into Bitcoin.
That’s perhaps why we’ve seen the BTC dominance soaring through the roof over the past few weeks.