Bitcoin on new rally after breaking bear streaks

By Gideon Adonai

Bitcoin on Wednesday began a new bullish rally after breaking bearish streaks

Bitcoin crashed last fortnight after El Salvador launched its trading app and began official acceptance of cryptocurrencies in the central America.

Bitcoin showed considerable resilience on Tuesday creating a bullish engulfing candlestick in the process.

It broke out from a descending parallel channel, according to details on TradingView.

Bitcoin is now approaching the $48,000, resistance area as it stands at $47, 552,04.

READ ALSO: El Salvador’s biggest bank starts accepting bitcoin payments

After reaching a low of $43,400 on Monday, BTC has rebounded considerably.

The next day, it created a bullish engulfing candlestick and reached a high of $47,250. In addition to this, it traded above the $43,950 on Tuesday on horizontal support area, which is the 0.382 Fib retracement support level, according to Beincrypto data.

Michael Saylor, Bitcoin Analyst and investor said on Wednesday said: “Bitcoin is the most universally desirable property in space and time.”

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