Bitcoin Has Approached a Critical Watershed
Bitcoin has gained over 10% in the last seven days, making the previous week the best in four months. On Monday morning, the price climbed to nearly $31K, close to highs not seen since July. This is a significant turning point. Bitcoin reversed from here in April and June, accelerating the sell-off in June 2022, but Bitcoin was actively bought back from these levels from January to July 2021. A consolidation above $31K could force the bears to capitulate and quickly send the price into the $40K area.