Bitcoin Price Analysis: Bullish Market Structure Tests Weekly Support

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Summary:

  1. Following a strong rally earlier in the week, the bitcoin market is experiencing a retest of a solid, broken resistance level and is currently finding it as support.
  2. So far, the market structure remains very bullish as long as we hold our current support zone between $11,450 and $11,800. Our daily structure has us testing the level from the top side for the first time in weeks and the bulls seem interested in holding this level.
  3. If our zone fails to hold support, I expect a strong continuation of the downtrend that will likely have us retesting the strength of the $10,000 region.

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