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Bitcoin: Bullish scenario was helped, forecast worked out

Today we received an answer to the question "Sideways or Triangle?" on the Bitcoin chart. And yet, yes, it was a sideways trend: the price of the main cryptocurrency soared, reaching the upper border of the corridor 31,082.82 - 38,610.88, marked with red dotted lines.

Now is the time to remember the early prediction about the BTC/USD safe trading strategy. The question of whether the growth will continue is now open due to the still false breakdown of the resistance at 38,610.88. But the daily candle is not closed yet so it is still too early to make a conclusion, we keep in mind a possible rise to the strong mirror level of 41,980.24.

The bullish momentum that started a few days ago has probably been helped. And if this was all the "fuel", then a sideways rollback at 31,082.82 - 38,610.88 is very likely.

The price of the main cryptocurrency skyrocketed amid rumors that the e-commerce giant Amazon could embed cryptocurrency payments and create its own cryptographic token. However, official sources have not yet confirmed this information.

The report was produced by the London business newspaper City A.M. and has been featured in numerous publications since then. The publication published an interview with an Amazon insider who said that the company plans to accept payments in bitcoins "by the end of the year" and plans to release its own token in 2022. In addition, the insider said that the idea of integrating the cryptocurrency "comes from Jeff Bezos himself," despite the fact that he stepped down as CEO of Amazon on July 5, 2021.

The news sparked a stir on Twitter as users linked the rumors to bitcoin's $40,000 rally on Sunday night. However, experts like Alex Kruger remain skeptical, commenting that an Amazon insider is unlikely to give an interview to a publication like City A.M.

Regardless of what triggered the rally, it triggered a massive liquidation of $1.07 billion in short positions in 24 hours. Information about this was provided by the analytical platform Bybt.

What is the reason for this? Probably with the recent fall of the main cryptocurrency, during which many were preparing for a bearish scenario and opening short positions. This means that the bullish momentum was reinforced by the elimination of the shorts.

Well, technically, the situation looks very nice. And the answer to the question of whether the growth will continue or the price will bounce down already from the resistance of 38,610.88 (upper red dotted line), we will probably get in the coming days.


The material has been provided by InstaForex Company -