Bitcoin Faces Short-Term Weakness After Hitting Resistance But Analysts Remain Bullish Long-Term
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Bitcoin (BTC) price reached a critical resistance level last week with a weekly close above $44,700, but there are some short-term signs of weakness.
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Crypto analysts have a largely bullish outlook, citing indicators like increasing spot buying activity, decreasing open interest, and the halving cycle.
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Technical analysis suggests BTC may currently be correcting within a larger bull market cycle, with support around $40,000 and resistance around $50,000.
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BTC is outperforming previous cycles so far, which some think supports the case for it reaching $500,000 this cycle.
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Despite a short-term bearish prediction, a breakout from the current channel could mean the correction is over and BTC will surge towards $50,000.