Bitcoin Rally Seemingly Unstoppable, Revisits Recent High Around $16K
Bitcoin price continues to be propelled higher from aggressive dip buyers looking to ride the new bull market beyond $20K. But first, the cryptocurrency has to get through just under $16K where it was stopped in its tracks just days ago.
Today, the cryptocurrency is back at the key level and making its third attempt at breaking upward out of what appears to be a bullish ascending triangle pattern. Will the cryptocurrency make it beyond $16K and revisit its previous all-time high?
Bitcoin Retakes $15,900, Less Than $100 Away From Another New 2020 High
But the bullish momentum still hasn’t reversed and instead has the cryptocurrency already revisiting highs due to dip buyers aggressively buying up what little BTC supply is left on exchanges.
According to quantitative analysts, there is literally not enough BTC on exchanges for buyers, causing a “sell-side liquidity crisis.” More and more users are moving BTC off exchanges to hold in anticipation for the coming bull market.