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Bitcoin Faces Resistance Hurdle: Will 2024 Be the Breakout Year?

Published 05/24/2024, 05:34 PM
Updated 05/24/2024, 06:15 PM
© Reuters.  Bitcoin Faces Resistance Hurdle: Will 2024 Be the Breakout Year?
BTC/USD
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  • Bitcoin faces resistance after historical trends post-halving, hinting at short-term volatility.
  • Tom Lee’s bullish $150,000 BTC forecast for 2024 stems from macroeconomic shifts and Fed policies.
  • Despite short-term dips, Bitcoin’s potential for significant gains aligns with broader analyst sentiment.

Bitcoin is currently facing resistance at its upper range, indicating potential volatility in the short term. According to a recent analysis by Rekt Capital, Bitcoin has historically never been ready to break out of a re-accumulation range so soon after a halving event. As Bitcoin prices struggle at this high resistance, the cryptocurrency market remains in a state of flux.

The current Bitcoin price stands at $67,264.08, reflecting a 3.13% decline in the past 24 hours. Trading volume in the same period reached $43.099B. Despite the recent dip, Bitcoin’s market capitalization remains …

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