Bitcoin Price Analysis: BTC/USD Steeper Rally Underway?

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Bitcoin is still trending higher inside its rising channel on the 4-hour time frame and continues to test resistance at the top. A break above this area could set off a steeper rally from here.

The 100 SMA is safely above the 200 SMA to confirm that the path of least resistance is to the upside or that the ceiling is more likely to break than to hold. In that case, bitcoin could make its way to the next Fibonacci extension level of 61.8% or $9,675 or the 78.6% level that is close to the…

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