• Bitcoin is showing some renewed energy, trading at $20,883 and leading the crypto market to rally.
• Analysts believe that if BTC breaks through this crucial resistance, the start of the bull market is at hand.
• On Twitter, the crypto community is completely bullish on their bull market hypothesis, noting the similarity between current and 2019 candles.
Bitcoin is currently seeing a renewed energy, with its top cryptocurrency trading at $20,883 and leading the crypto market to rally as optimistic investors enter the market. This surge in the price of Bitcoin is due in part to the recent release of the Consumer Price Index (CPI) data, which is showing an improving economic trend. This has led many analysts to believe that if Bitcoin can break through the current resistance level of $21,000, then the start of a bull market is imminent.
The crypto community has been particularly bullish on their bull market hypothesis as of late. On Twitter, many have noted the similarity between the current and 2019 candles, with Rekt Capital specifically pointing out that the size of the current candle is almost identical to the one that confirmed the bull market back in April of 2019. This has given the community renewed hope that the next bull market may be just around the corner.
In addition to this, the recent retest of Bitcoin has led to a large number of short positions being liquidated. This has only added to the bullish sentiment amongst traders, as the possibility of an upwards break from the current resistance level grows.
Overall, the future of Bitcoin looks bright, with the current market conditions indicating a potential bull market on the horizon. If Bitcoin can break past the $21,000 resistance level, analysts believe that the start of a new bull market is at hand. Until then, the crypto community will continue to monitor the situation, watching eagerly for the next major break in the Bitcoin market.