Contrary to what most people had expected, the Bitcoin price is not slowing down. Although there is a fair bit more volatility ever since surpassing $6,500, it is safe to say the Bitcoin price is going up in a decisive manner. The following factors all contribute to this extensive bull run, albeit no one really knows what this momentum will take the market in a few weeks or months from now.
Several trends can materialize in the financial world. Wicks, candles, head-and-shoulder patterns followed by a cup-and-handle, they have all been charted on Bitcoin’s price graph in the past. However, one often overlooked indicator is the path of least resistance. Albeit Bitcoin lost tremendous value from its all-time high to early 2019, there was never any real market resistance in place to prevent a complete reversal. The market simply moved too quickly to bring any real “meaning” to those price levels. Currently, the Bitcoin price is going up to “charted territory” which no one can define as either support or resistance.