Subsequent to an intense short squeeze on Dec. 18, traders are anticipating an extended bull run as BTC looks to test higher resistance levels. Peter Brandt, a prominent trader and best-selling author, said that bitcoin defended an important support level.
Bitcoin was initially testing a linear line dating back to 2015 and technical analysts warned that a break below it could result in a catastrophic downside movement. During the past four years, the bitcoin price has been moving in line with a parabolic and linear range. In recent weeks, it came close to breaching the two ranges completely. A clean break below it could have led BTC to test much lower support levels in the $5,000 region, which could have triggered miner capitulation.