Key points:
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Bitcoin’s recovery could face selling at $118,000, but if the bulls overcome the resistance, the rally could retest the all-time high of $126,199.
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Several major altcoins have bounced off their strong support levels, but the recovery could face significant selling at higher levels.
Bitcoin BTCUSD made a solid recovery on Sunday and continued its momentum on Monday, driven by expectations of a potential trade deal between the US and China. Glassnode said in an X post that the negative sentiment and selling pressure seem to have peaked, suggesting a possible trend reversal.
A positive sign for the bulls is that BTC has been consolidating in a large range near the all-time high for several weeks, and bears have failed to sustain the break below the range. That suggests the bulls…more
Source www.tradingview.com
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