Bitcoin has found support at our level at $48.2K and rallied back to $50K. It is showing a clear affinity for these higher levels, suggesting a breakout may finally be on the horizon. Recall that we must solidly break out from $50K to solidify the bull rally that took us from the low $30K handle back up to current levels. We are sitting at about $50K exactly right now, and the fact that it has not rejected this level yet is a great sign for bulls. Immediately above, however, we will see resistance from $50.8K, but we are seeing a bull wedge forming suggesting that Bitcoin is building up steam to break out. After this level, the next target will be $52.8K, and this should solidly claim the $50K handle if we can achieve this level.
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