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08/10 17:48

Bitcoin was sparked on Thursday as the $BTC price

Bitcoin was sparked on Thursday as the $BTC price rose just over 2%, equating to a dollar gain of around $2,500. This move may not be over on Friday as the price has started to rise again after a short reversal. However, with buying fatigue starting to set in for bulls, and the price approaching the top of the bull flag and the $118,000 resistance, is a rejection the most likely outcome? 

Bullish news for Bitcoin, but is the market running out of steam?

Incredibly bullish news for Bitcoin continues to drop. On Thursday, President Trump signed an executive order giving US citizens access to the purchase of $BTC for their 401(k) savings plans. To add to the pro-crypto news, Trump also signed an order preventing banks from denying services to crypto companies. 

All this good news for the crypto industry had the effect of providing an upward impulse to the price on Thursday, and with $BTC approaching the top of its bull flag, there may be enough buying momentum with which to get there.

However, if one takes a measurement from the $112,000 swing low for this upside move, it is now at just over 5% and the bulls are starting to run out of steam. It may just be that there could be several days of sideways and downwards price action to come, which would allow momentum indicators to reset, and provide the possibility of a more reliable breakout.  

#Claim1,200 USDT in the Monthly Creation Challenge#Buy Bitcoin’s dip,’ says Eric Trump#Whose “child” is ES — Solana or Ethereum?#BTC price hits a new high of $120,000!

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