Bitcoin Analysis: Bulls Remain Cautiously Optimistic Against Strong Resistance

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In Brief
  • BTC Looks to Break $7.4k — But is a Pullback Coming?

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Bitcoin (BTC) continues to channel upwards as the bulls look to break through strong resistance at $7400.

The overwhelming sentiment in the Bitcoin market right now may be described as cautious optimism. The first and foremost cryptocurrency has seen slow but steady gains over the past four weeks, but many are wary that this current rally will topple over like the previous.

Indeed, the year-to-date selling pressure present in the Bitcoin market is obvious, and there is little reason to expect a bull market to blast off at this exact point in time. More likely than not, a pullback is in the cards — it’s just a matter of when. (And how drastic.)

Nevertheless, Oliver Isaacs — a blockchain investor, advisor & influencer — told Forbes that Bitcoin’s relative stability in recent weeks is encouraging.

Isaacs also believes a short squeeze is on its way.

At the time of this writing, Bitcoin (BTC) is trading at $7362 per coin.

What do you think about Bitcoin’s four-week-long rally? Do you think one coin is worth $7000? Is a short squeeze on the way? Let us know your thoughts in the comments below! 

[Disclaimer: This article is not intended as financial advice. Neither BeInCrypto nor the author is responsible for any investment decisions, gains, or losses made after reading this article.]

[Full Disclosure: The author of this article holds and trades Bitcoin (BTC).]


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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