Bitcoin price breakout from the symmetrical triangle is a bullish development, as it frees the bellwether cryptocurrency to test the formidable resistance between $41,581 and $43,331, offering some encouragement for the broader cryptocurrency complex.
Based on that, it seems that the 50% is attainable, but not soon, mainly when a lot of the mining is conducted in underdeveloped countries that still employ fossil fuels for electricity generation.
The breakout from the symmetrical triangle does demand a rethink of the pervading neutral-to-negative outlook that has orchestrated Bitcoin price for several weeks.
The range is defined by the 38.2% retracement level of the rally from the March 2020 low at $41,581, the January high at $41,986, the 200-day simple moving average at $42,371, the February low at $43,016 and finally, the 38.2% retracement of the April-May correction at $43,331.
Third, it needs to overcome the 50-day SMA at $44,784 and then resist the selling pressure that will follow when Bitcoin price triggers a death cross on the daily chart in the next few days.
For Bitcoin investors and followers, it is obviously motivating to hear positive remarks from Elon Musk.
Price is more than the words of one individual.
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Dogecoin price has been holding the January rising trend line and the 10-week SMA throughout 2021, despite the noteworthy corrections.
Ethereum Classic price maintains the corrective decline, searching for an impetus to discard the doldrums and march higher.
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