BTC/USD Forex Signal: Looking More Bullish

There are a few bullish signs – the invalidation of the former resistance level near $55K means there are no obstacles left to a further price except the all-time high at $58,426. The price made a clearly bullish turn a few hours ago and has moved up cleanly from there.

Overall, it looks likely that Bitcoin will continue to advance today and may even rise strongly enough to hit a new all-time high, which will likely trigger more speculative frenzy and perhaps a move to considerably higher prices above $60K.

There is a chance the price will be held down by minor resistance from the previous swing high inflection confluent with the round number at $56k.

Some bullish Bitcoin analysts argue that the full impact of the 2020 Bitcoin halving has yet to be felt, pointing to much stronger price rises seen following previous halving events in 2012 and 2016 than has been seen since the most recent halving in 2020.

BTC/USD chart

Regarding the USD, there will be a release of CPI (inflation) data at 1:30pm London time.

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