‘Definitely Not Bullish’ — 7% Bitcoin Price Gains Fail to Convince Traders

Bitcoin has been on a wild ride lately, gaining 7% in the past few days and prompting many to believe that the price was about to skyrocket. However, Bitcoin simply hasn’t dealt with the worst of resistance in a key trading range for everyone to flip bullish.

The key range that traders were watching was between $55,000 and $58,000. If Bitcoin could break that range, then it could free the coin to make maximum gains. However, even with the recent 7% spike, BTC has only managed to stay above the $56,000 level. This tells traders that the market is still a bit hesitant and could yet be in consolidation until it decides which way to go.

As of right now, Bitcoin is trading at $56,624 and is still up 7.3% on the day. This implies that even with the recent rally, the coin is still stalling out at the $57,000 level and could still retreat.

If Bitcoin can break this resistance confidently, then we could be in for some massive gains in the near future. Until then, traders should be cautious and not completely flip bullish just yet.

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