Bitcoin has seen a lot of sideways price action during this week but might be able to extend its gains and regain higher grounds. The cryptocurrency continues to trade in the green and seems to be showing signs of further short-term appreciation. At the time of writing, Bitcoin trades at $23,200 with 9% profits over the past week and 1% profits in the last 24 hours. Over the last week, Bitcoin has provided more clarity about its price direction. According to a report from Arcane Research, the cryptocurrency has managed to slowly break above the critical resistance levels at $20,000, $20,700, and $23,000, this coincides with the conventional definition of an uptrend, as defined by Investopedia: An uptrend describes the price movement of a financial asset when the overall direction is upward. In an uptrend, each successive peak and trough is higher than the ones found earlier in the trend. The uptrend is therefore composed of higher swing lows and higher swing highs. As long as the price is making these higher swing lows and higher swing highs, the uptrend is considered intact. Arcane Research noted the following on BTC’s recent bullish momentum and its capacity to break previous resistance turning them into critical support: The bitcoin price is currently at an interesting level. $23k acted as resistance in mid-June and two weeks ago and could potentially be flipped to a support level this week. If the price holds at current le...
