Wednesday, October 13, 2021

COULD BITCOIN RISE TO A NEW ALL TIME HIGH

Buy or Sell the Recent Bounce in Bitcoin

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Hi Crypto Academy Network,

Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.

Bitcoin has picked up momentum after breaking out of the descending channel. The rising 20-day exponential moving average (EMA) and the relative strength index (RSI) near the overbought zone indicate advantage to buyers.

The bears are currently attempting to stall the up-move at the overhead resistance at £42,653.53 but a positive sign is that bulls are not giving up much ground. This suggests that traders are not booking profits in a hurry and increases

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