Bitcoin (BTC), the largest cryptocurrency by market capitalization has risen over 12% since last week and has risen for 6 consecutive days straight after breaking out of a downward trend.
Bitcoin bulls seem to have awoken as the Bitcoin price has surpassed the $46,500 level, rising over 4% in just a few hours time to capture a 3 month high. The six consecutive day rise in price brings the BTC price within sights of its 2022 starting level of $47,700. In order to reach the current price levels Bitcoin was able to push through previous a strong resistance level of $45k with increased volume.
In addition another charting milestone was reached as the Bitcoin price broke out from a downward trend on the weekly chart as well. While shorter term charts and technical analysis can show the likelihood of immediate price movements, the longer term charts can show the overall direction of the trend. The current Bitcoin weekly chart breakout can possibly point to longer term bullish price action for the price of Bitcoin and the entire crypto market.
Although Bitcoin is down from all time highs, 2022 has been a positive year for crypto news overall with many governments and companies accepting cryptocurrencies as legal tender or acceptable forms of payment. It also has played a major role in providing a pathway for donations and funding for Ukraine while it fights to resist the Russian invasion. The crypto market has also weathered 2022 with relatively low volatility by its own standards and me primed for higher movements.
*The opinions in this article are the authors opinions and not the opinions of BumbleBeeCrypto.com, nor are they financial advice. Please do your own research when trading or investing in cryptocurrencies.