My word Bitcoin's being a little bit of tease at the moment. It climbs, it pulls back, it climbs and it pulls back and then repeat again. This is the current pattern we are witnessing with Bitcoin. However, overall there is a buoyancy to Bitcoin which has been evident for the past couple of weeks.
Right now though Bitcoin is attempting another vertical movement which is always great to see. How long will this one last? Is this the start of the hotly anticipated bull market? Who knows. No one knows and if they say they do don't be fooled.
What we can say though is that, based on recent price patterns, Bitcoin has locked in some very important gains and is clearly building on them.
Take a look at the seven day price chart for Bitcoin and you can see some serious strength there. Bitcoin is up 6% on this time last week.
Right now as I speak Bitcoin is fractionally under the $66k mark. If it continues to climb happy days but I suspect it will pull back again quite soon. Don't let that bother you, the general trajectory is looking very positive indeed.
And if you want some more encouraging news take a look at the Bull & Bear Index on augment.ai and you can see it has increased to 0.61. It's getting more bullish out there all the time.
Compare that to where we were two weeks ago.
Just over two weeks ago the index recorded a 0.475 reading. We are moving in the right direction guys and girls. Keep the faith!
Peace!
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