The Importance of Bitcoin's 36.5k-38.5k Range
The approximate 2000 point range between 36.5k and 38.5k on Bitcoin has been a historic turning point for this market on 3 separate occasions. Back in February of 21 this range first propelled Bitcoin to its former 65k all-time-high. After the great distribution, Bitcoin began a multi-week accumulation phase back down in the 30's. The point at which Bitcoin broke out of this accumulation phase and made a run to new all-time-highs, was again from this 36.5k-38.5k range back in August 21. Another great distribution phase occurred and a major daily trendline began to develop. This 36.5k-38.5k range again acted as the pivot point in the market which broke this daily trendline, broke a daily downtrend, and created a daily uptrend. Upon retest of this range, there is the potential for another major bull-run, possibly to new all-time-highs. If this range does not provide price support, I suspect another longer-term accumulation phase in the lower 30's again.
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