Bitcoin Price Analysis: Slow Upward Drift Tests Market Supply

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A slow, grinding upward drift has been the name of the game for bitcoin’s market over the last few weeks. The upward drift is bringing us slowly to a level that was previously rejected violently:

Figure 1: BTC-USD, Daily Candles, Upward Drift

Our third rejection of the red resistance level shown above brought the market into a test of macro support in the mid-$3,000s. After several tests of the support level, the market began to slowly drift upward in a stair-stepping manner. This upward…

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