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Analyst: Bitcoin Breaks Key Psychological Resistance, Buying Pressure Strengthens
On May 4, Nick Ruck, head of research at LVRG Research, stated, “Bitcoin has broken through $80,000, surpassing the resistance range that had previously limited price movements over the weekend (U.S. time). This rapid change has shifted short-term momentum significantly towards the bulls and confirms that buying pressure is strengthening following the previous pullback.” Zeus Research analyst Dominick John noted that as Bitcoin’s price breaks through this ‘important’ psychological resistance, the market is experiencing a technical short squeeze.