Bitcoin’s Technical Bias Flips Bullish as Price Climbs Above Descending Trendline

Posted on by American Coins & Gold

Bitcoin’s Technical Bias Flips Bullish as Price Climbs Above Descending Trendline
Bitcoin ran through key technical resistance levels on Wednesday, strengthening a bullish bias, and extended gains Thursday.The cryptocurrency jumped above $55,000 yesterday, breaching the downtrend line connecting the April high of $64,801 and September highs near $52,000.Buyers also flipped the horizontal resistance at $53,000 into support, having taken out a significant hurdle at $51,109 earlier in the day. That level marked the widely tracked 61.8% Fibonacci retracement of the September sell-off.“BTC/USD technicals flipped into the bullish territory after breaking above a key trend line,” research boutique Delphi Digital said in its daily analysis. “The move was catalyzed by significant spot…