Due to the 50-day and 100-day Simple Moving Averages inside this confluence, an upswing is a high probability outcome.
If the buying pressure is strong enough to overcome this significant barrier, there is a good chance Bitcoin price will eye a retest of the $50,000 psychological level.
While the fundamentals for Bitcoin price show a highly optimistic outlook, the technicals are not following it.
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Bitcoin price could experience a trend reversal as correlation with the Nasdaq 100 hits a key milestone.
The recent uptrend provided bulls with an opportunity to overcome vital blockades and establish a stable support level.
After breaching a massive hurdle, BTC continued heading higher but has retraced over the last three days.
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