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Bitcoin’s Triumph: ‘Death Call’ at $400 Proven Wrong
The recent price action of Bitcoin has validated two key levels flagged by on-chain data, confirming the bull case for the leading cryptocurrency. Over the past few days, Bitcoin’s price has not only held above critical support at $89,000 but also rejected a significant level of resistance just below $98,000.
This development is particularly noteworthy as it suggests that the recent correction may have been a necessary washout to remove excessive speculation and allow the market to settle into a more sustainable uptrend. As such, Bitcoin’s price action has effectively nullified the “death call” at $400 million, which suggested that the cryptocurrency would plummet to these levels.
While many analysts were predicting a sharp decline in value following the recent correction, Bitcoin’s resilience above the key support level has sparked renewed optimism about its near-term outlook. It is essential for investors to remain cautious, however, as any further price action will be closely monitored by traders and institutional investors alike.
In addition to these insights, it’s worth noting that demand remains relatively robust, while a significant proportion of froth has exited the market.
Source: u.today
