Bitcoin Bull Case Is Unquestionable; Geopolitical Tensions Intensify

The crypto market is getting stronger amidst the geopolitical tensions, which seem to be intensifying these days. Check out the latest reports about new BTC predictions.

A popular analyst says that the bull case for Bitcoin (BTC) is gaining steam amid strong price action, and that crypto is becoming “serious money” following recent geopolitical developments.

In the latest TechnicalRoundup newsletter, the pseudonymous analyst known as Cred says that Bitcoin’s reclaim of the $40,000 level is going very well for the top crypto by market cap’s technical market structure.

“As for technicals, the market is approaching multi-timeframe resistance in the mid-$40000 area. $46000-$47000 is a decent weekly line in the sand. Moving into it, there are some positive signs.”

He continued and said this:

“Two in particular. First, the move into resistance is following a higher low. Second, this is the third test of that resistance in quite a short period of time. In general, the more a resistance is tested from the same direction, the weaker it becomes.”

Cred says that Bitcoin‘s recent spike to the $45,000 area, one of the biggest daily gains in months, suggests that resistance below the $50,000 is getting weaker after multiple retests.

“Some signs that resistance is getting weaker. Momentum/more sustainable trend triggers above $47000 on a higher time frame basis. Pullbacks that aren’t shallow (much below $40000) are probably bearish.”

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $43,918.

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Stay tuned for more news, and keep your eyes on the markets.