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Bitcoin recently bounced back from the rejection point at the 58 weekly moving average (MA), indicating a potentially bullish trend. As traders look for confirmations, Bitcoin is currently testing a long-standing trend line that has been in place since January. The anticipation is palpable, with analysts uncertain whether it will face a double top at $110,000 or push onward towards the anticipated $150,000 mark.
The analysis suggests that if Bitcoin successfully closes positively over the coming days, it may signal the start of a reversal in trend. If a retest of the trend line occurs, it could create a favorable long position for traders. However, caution is advised, as a failure to break through could lead to a downturn instead.