newsbtc.com
16 May 2024 01:06, UTC
In a remarkable turn of events, Bitcoin (BTC) has broken out of its recent trading range, recording a 7% surge in the past 24 hours alone. The cryptocurrency tests the $66,000 resistance level, setting the stage for a potential move toward higher targets.
The latest momentum shift in Bitcoin’s price action has caught the attention of industry experts, particularly the co-founders of on-chain analytics firm Glassnode. According to their analysis, the trigger for a larger market structure release has been in the works since the March highs.
The co-founders of Glassnode believe this breakout has been coming for a long time. They state that they have been waiting for the trigger to unleash a major bullish structure since the March highs when Bitcoin reached its current all-time high (ATH) of $73,700, and it looks like the market has finally done so. 
As of press time, Bitcoin is testing the $65,900 mark, having regained its bullish momentum. It remains to be seen how far the current rally can extend and whether the bullish momentum can survive potential selling pressure at higher price levels.
Featured image from Shutterstock, chart from TradingView.com
