Bitcoin (CRYPTO: BTC) on Tuesday morning hit $76,000 after eight straight green days, a pattern that has only occurred 15 times in Bitcoin’s history and not seen in three years.
The Rare Eight-Day Streak
The eight consecutive green days pushed Bitcoin up 15%-16% from crisis lows, breaking through key resistance despite testing back to $74,000.
The last time this pattern occurred, it led to a massive correction, but historically it has been a positive signal, especially approaching key resistance levels.
CoinShares head of research James Butterfill says the rally appears to be driven by a short squeeze that may be ending.
“There’s been a bit of a short flush out and we’re at the end of that, so the rally doesn’t have legs to it,” Butterfill said.
The Whale Selling Pressure
Bitcoin …Full story available on Benzinga.com
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