CandleFocus Bitcoin Price’s 20% Rally Delayed but Not Invalidated – Here’s How
2024-10-08
Author: Content Editor
Bitcoin's price has been showing signs of recovery after a decline in early October, sparking hopes of a potential rally. Institutional interest in Bitcoin has resurged, with spot Bitcoin ETFs seeing a significant increase in inflows. This renewed interest from institutions and retail investors is seen as a positive indicator of Bitcoin's price trajectory. Long-term holders (LTHs) continue to accumulate Bitcoin, further bolstering its macro momentum. However, Bitcoin still needs to break through a critical resistance level to sustain the momentum for a potential 20% rally. If it fails to do so, the price may return to previous support levels and undermine the bullish outlook.
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