Bitcoin has broken out of the range it traded for months and seems well on its way to reclaiming previous highs. Indicators have been turning decisively bullish, as short positions get liquidated with every new level taken by the bulls. At the time of writing, BTC trades at $45,858 with a 2.6% and 14.8% profit in the daily chart. The market capitalization sits at around $860 billion, closer to its previous high north of $1 trillion. After making an upwards move from the lows at $30,000, BTC’s price faced some resistance at $40,000 and $42,000 but was able to turn them into support. The next key resistances were located at $45,000 and $47,000, as trader Justin Bennett said. The former was reclaimed in the past 24 hours, if the bulls can sustain the bullish momentum, $47,000 should be the final obstacle before a potential move to $65,000, Bitcoin’s previous all-time high. Bennett added: Flip $47,000 to support on the daily and weekly time frames, and the bull run likely continues to $100,000+. Looking for $40,000 to hold as support. One of the most bullish and historically accurate Bitcoin indicators, the Hash Ribbons, showed a buy signal during the weekend. The signal was confirmed by its creator, Capriole Investments founder Charles Edwards. The expert created this indicator by taking BTC’s hash rate and the mining difficulty as moving averages. It’s estimated that Hash Ribbons has helped investors to achieve over 5,000% in re...
