Bitcoin Caught in $11,000 Range
After looking somewhat bearish recently, Bitcoin seems to be finding support at $11,000. The price has been moving above that today, yet not reaching the 12k mark. While this price resilience of Bitcoin is a positive sign, I think it is too early to say that things are about to turn bullish.
There has been some difference of opinion amongst prominent voices in the Bitcoin community as to the state and direction of the market in the short term. Technical chart analysis has pointed to a further correction to the downside, however, developments in the lightning network and growing business investment in the space could be considered bullish signs.
Where consensus exists, is in relation the long term outlook for Bitcoin. This is considered positive in terms of price, technological advances and adoption.
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