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Data from TradingView shows that Bitcoin saw its second day of gains, briefly cresting above $21,000 to hit a daily high at $21,026 before retracing back to support near $20,700, where bulls look to gather their strength before pushing higher.The shift in momentum over the past two days was touched on by Kitco senior technical analyst Jim Wyckoff, who noted that Bitcoin price “hit a six-week high in early U.S. trading Wednesday.
As for traders who think that Wednesday's move higher is a signal to go all in as it is “only up from here,” market analyst Rekt Capital posted the following chart and provided a little historical insight to help bring those hopes back down to earth.