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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
bitcoin bulls bears disbelief

Bitcoin Captures $17,000, Bears And Bulls Alike In Disbelief

Tony Spilotro by Tony Spilotro
2 years ago
in BTC
Reading Time: 2 mins read
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Bitcoin price just slammed through $17,000 as part of a seven consecutive week rally. The cryptocurrency finally reached what could be the final resistance level before a retest of its all-time high. With the former peak within striking distance, will bulls seize the opportunity and set aflame to cryptocurrency market interest once again?

$17,000 Now An Afterthought, Where Does Bitcoin Go Next?

It is hard not to be bullish on the leading cryptocurrency by market cap. The scarce supply alone is reason enough to pay attention, and when combined with a decentralized financial network revolution and a secure store of value, its potential is near limitless.

Those bearish on Bitcoin could finally be throwing in the towel, now that the cryptocurrency is fast approaching its former all-time high. At the time of this writing, there’s less than $3,000 separating BTCUSD from setting a new record.

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Pundits claimed the asset was a bubble, and it would never again recapture the public interest.

Related Reading | Technical Expert Shows How Bitcoin Path Could Reach Gold’s $10 Trillion Cap

Part of that statement is true, however. Bitcoin has yet to recapture the public eye and mainstream media, the same way it did during the 2017 rally.

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Instead, it has become sought after by smart money institutions who are loading up on the rare asset. Google search queries reflect that interest is nowhere near previous levels, and that could not arrive until Bitcoin is above $20,000 and people realize they missed the train once again.

bitcoin bulls bears disbelief

Bitcoin reached the final 3D resistance leftover from the first week of 2018 | Source: BTCUSD on TradingView.com

For now, as the image above depicts, $17,000 is the only resistance remaining on the three-day BTCUSD price chart. The resistance won’t last long, however, given Bitcoin’s unstoppable momentum.

The recent rally has left bears shocked and even bulls in disbelief that the bull run picked up in strength so quickly. At this pace, the stock-to-flow model projections become a lot more logical and realistic, and not just steeped in false hopes leftover from the crypto bubble.

Featured image from Deposit Photos, Chart from TradingView.com
Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptoxbtxbusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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