BTC Analysis: Bullish Pattern Forms Around $55K Support Line

IconCryptoNewsTerminal Staff16 Jul, 2024

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BTC Analysis: Bullish Pattern Forms Around $55K Support Line

Julio Moreno, a senior analyst at CryptoQuant, recently noted that the Metcalfe price evaluation band of BTC has played a supporting role twice this year. Currently, the support line is at $55,000. This pattern suggests that BTC is likely to continue its upward trend in the coming weeks and months. Traders may want to consider buying BTC around the $55,000 level, as this could provide a good entry point for a potential rally. Of course, there is always the possibility that BTC could break below the $55,000 support line. However, this is unlikely, given the strong support that BTC has shown in recent weeks.

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