BTC – Bull Run Resumes

Bitcoin retested the level below the $60,000 mark after dips were bought near the $56,900 area on October 28th.

Bitcoin is trying hard to break above the descending trend line (black) on the 1hour timeframe chart. Bears tried their best to break the support of $58k-$60k but it bounced back with huge volume on many occasions. The weekend was closed bullish and Bitcoin broke above $62,000 today. There is a strong support area near fib 0.236 and gaining more strength as Bitcoin is ranging in this area.

Bitcoin is very likely to break the descending trendline upside and soar again to all time high.