Bitcoin Enters Retest Zone for Continued Rally

IconCryptoNewsTerminal Staff18 Jul, 2024

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Bitcoin Enters Retest Zone for Continued Rally

Bitcoin has entered a retest zone for further continuation after a pullback from short-term holders following its surge to $66,000, according to pseudonymous cryptocurrency trader Rekt Capital. The current level around $65,000 has emerged as a crucial support line. If the retest is successful, Bitcoin is likely to move within the range of $65,000 to $71,500. This retest is a crucial step for Bitcoin to maintain its bullish momentum and continue its upward trajectory. The cryptocurrency market has experienced volatility recently, with Bitcoin facing resistance at higher levels. However, analysts remain optimistic about its long-term prospects, citing strong institutional adoption and increasing demand for digital assets.

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