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Bitcoin monthly close, fresh bullish narratives lead BTC traders to aim for new price highs

Bitcoin monthly close, fresh bullish narratives lead BTC traders to aim for new price highs

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Source: Coin Telegraph

Bitcoin’s monthly close could reverse a 6-month-long downtrend and signal traders’ intent to push BTC price to new highs. 

Bitcoin (BTC) price is on the verge of a notable trend change in its weekly and monthly timeframe chart. On both timeframes, a close above $65,000 sets a higher high and breaks the trend of lower highs which has defined BTC’s price action fo the past 6 months.

BTC/USDT weekly chart. Source: TradingView

Prior to this week’s rally above $66,000, the crypto market had been suffering from narrative exhaustion but a new set of catalyst have led traders to believe Bitcoin price is ready to embark on the next leg higher.

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Author: Big Smokey