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Bitcoin Bounces Just In Time

Written By: ChartChamp

July 12, 2024

The markets have been surprisingly bearish despite strong June CPI data this morning. BTC has dipped back down, and I think we could see a bullish bounce forming sometime later tonight or tomorrow. The price action still looks bullish, I’m looking for a higher low here. Maybe tomorrow the markets will rebound and rally after we receive June PPI data early in the morning.

Yesterday evening I posted an update discussing how I really wanted to see a Bitcoin bounce to form a higher low here. We did get that higher low, and I think we are still trending up nicely. There is resistance between $58k-$60k that BTC needs to break to rally higher. I think we could rally into the weekend. The bullish seasonality trend starts next week so hopefully we see a lot of green.

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