Bitcoin is inching closer to overcoming the $21,500 resistance level
, this kind of climb is rare; it has only happened nine times in the last five years and normally translates into gains upwards of 40% within a three-month period.
With inflation being a deciding factor in the direction of risk assets, key macro factors should be watched closely by traders in order to anticipate future movements. Despite this momentum, crypto analysts caution that the underlying fundamentals of the digital asset do not match its current value. Katie Stockton of Fairlead Strategies recently cautoined against chasing this market rally too far given overbought conditions expected later in the week combined with strong resistance near the $21,500 level.
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