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Analyst: Bitcoin breaks through an important psychological resistance level, and buying pressure is strengthening
BlockBeats news, May 4, LVRG Research Head of Research Nick Ruck said: “Bitcoin has broken through $80,000, breaking the resistance range that had previously constrained the price trend over the weekend (U.S. time zone). This rapid change has clearly shifted short-term momentum toward the bulls, and confirms that buying pressure after the prior pullback is strengthening.”
Zeus Research analyst Dominick John, meanwhile, noted that as Bitcoin’s price breaks through an “important” psychological resistance level, the market is undergoing a technical short squeeze.