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Bitcoin makes another breakout attempt

Bitcoin rallied in the second part of the day and now it is located at 56,949.93, far above 53,909 yesterday's low. The bias is still bullish, so further growth is expected. The crypto approaches a dynamic resistance, an upside obstacle, so it remains to see how it will react when it reaches this obstacle.

Bitcoin registered a 5.59% growth from 54,231 today's low to 57,263.69 daily high. In the last 24 hours, BTC/USD is up by 2.30%, the market cap rose by 2.34%, while the volume increased by 2.68%.

BTC/USD still bullish

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Bitcoin failed to reach and retest the Ascending Pitchfork's upper median line (uml) signaling strong buyers. You already know from my analysis that the bias remains bullish as long as it's located above the upper median line (uml) and above 52,956.47.

The warning line (wl1) and the weekly R1 (58,539.82) are seen as strong upside obstacles. A valid breakout through these levels could announce and confirm an upside continuation.

Bitcoin forecast

The immediate high of 57,855 stands as resistance. Personally, I believe that a valid breakout above it, a new higher high could validate further growth. Jumping and stabilizing above the R1 (58,539.82) may indicate more gains.

The material has been provided by InstaForex Company - www.instaforex.com