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Bitcoin breaks its previous peak, reaching a new all-time high

Technical Analysis
By Mostafa Mahmoud
Bitcoin breaks its previous peak, reaching a new all-time high
0 4

BTCUSD

البيتكوين

Bitcoin is moving in an upward trend in the medium term, creating the potential for prices to rise and form new highs. However, if prices break below the $104,600 level, a retest of the $100,550 support zone may occur.

Support

 104600 100550 97750
Resistance 106650 107000

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Bitcoin (BTC) has witnessed a significant rise, surpassing the $104,600 mark, reflecting the continued bullish momentum the cryptocurrency has experienced this year. This strong performance is attributed to several factors, most notably the increasing institutional adoption and the approval of Exchange-Traded Funds (ETFs) in the United States, which have led to substantial capital inflows into Bitcoin.

From a technical perspective, Bitcoin has broken through historical resistance levels, indicating the potential for the upward trend to continue. However, investors should consider the possibility of price corrections, as some forecasts suggest a decline to lower levels before resuming the upward movement.

Overall, Bitcoin’s performance today reflects growing confidence among investors in digital assets, with expectations of further growth in the near future.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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