Bitcoin (CRYPTO: BTC) could extend its explosive rally toward $90,000 as traders see a shift from low-volatility consolidation to a momentum-driven market.
Why Bitcoin’s Breakout Could Have Legs
Speaking on the Aug. 22 episode of Technical Roundup, prominent trader DonAlt said Bitcoin’s breakout was preceded by repeated tests of weekly resistance after bouncing from monthly support.
More importantly, bearish catalysts repeatedly failed to push Bitcoin meaningfully lower, which he viewed as evidence of seller exhaustion.
Analyst Cred added that while the initial breakout was heavily influenced by short liquidations, Bitcoin continued climbing even as liquidations slowed.
