Bitcoin prices have stomped past another major price resistance as the coin crossed the $9000 valuation in the market. At press time, the virtual asset breached past another major resistance of $9200, and the market cap stood at 165.57 billion. Over the past few days, the market trends inclined towards an imminent breakthrough as chart analysis indicated a similar pattern formation that was identical to the one witnessed before the 2017 bull run.
Jayden Crypto, a cryptoanalyst, recently shared an observation on social media; it can be seen that the trend candlesticks in the charts resonated the same characteristics that were evident during 2017. A major bullish candle was engulfing the BTC charts despite the lesser trade volume in the market. However, the Moving Average [MA] of Bitcoin indicated that the recent bull run was on the cards since June 12 as the candles were threading above the MA for the short-term and long-term charts.
Since the price surge exhibited in the month of April and May, Bitcoin continued to consolidate higher in the charts and witnessed very minor corrections over the period of time. The virtual asset had been experiencing sideways movement between $8450 to $6800, since breaching the $7000 range.
Twitter user @ThinkingUSD, a reputed crypto margin trader, also suggested that massive liquation could be on the cards if Bitcoin broke above $8800, which is the market situation at the moment.
Will the 2017 bull run repeat?
Very unlikely, as it can be noticed that the trend identified with the 2017 bull run was pegged with high trade volume with major Bitcoin exchanges and currently the trade volume for Bitcoin was not as significant at press time. Even though similarities are prevalent, the bull run may not live upto the 2017 price rush.
The community speculated that the price might have recently pumped due to traders dumping the virtual assets as Bitcoin had stagnated since the price hike of May. It was also observed that Tether recently minted 150,000,000 USDT and the ecosystem subsequently framed Tether to orchestrate another price pump for Bitcoin.
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