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Last Time Bitcoin Had This Market Structure, It Rallied 250% in Three Months

It’s been a volatile past few weeks for Bitcoin.
Last week, the cryptocurrency traded within a $2,000 range, rallying as high as $10,400 before plunging to $8,600 in a massive liquidation event that wiped out over $100 million worth of positions.
On a smaller scale, Bitcoin has seen rapid $100-300 swings multiple times a day over the past two weeks.

Analysts have had mixed feelings about this price action.
Some argue that since BTC was rejected at $10,400, the cryptocurrency is poised to drop lower. $10,500 has been a pivotal level for Bitcoin over the past year, acting as a reversal point for two key rallies, one in October and one in February.

Yet analysts say that the price action over the past few weeks looks eerily similar to Bitcoin in March 2019, prior to a vertical breakout that brought the asset to $14,000.