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Bitcoin’s price has soared over the past two weeks and with the price action approaching the 200SMA, the question on many trader’s minds is whether this will be enough to stop the bull run? Bitcoin is having its second consecutive loss today but with the drop being on low volume, it looks like the bullish movements are not over yet.
So the key levels of resistance to monitor include $8300 level where the most recent upward movement came to a stop and last week’s highs of $8500. It should not take much volume for buyers to be able to push price action over the $8300 mark. With the 200SMA currently trading near $8500, this level is a whole other question.
Since price action soared past the $6850 level two weeks ago, it has been forming a series of higher highs and higher lows, a sign of a bull market. Its currently trading more tightly in a range and after a number of significant moves to the upside, the 200SMA could prove to be the greatest test of whether price action can continue its bullish movements. 200SMA has been a significant test for the price in the past. The last test of the 200SMA occurred in early May around the $10000. When it failed to break above it, this was the start of a downward movement to sub-$6000 levels.
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