Bitcoin Price Analysis: Reaccumulation Breakout Hints at Bullish Continuation

Summary:

1. Bitcoin clearly broke upward out of reaccumulation trading that had spent three weeks consolidating sideways.
2. The market has begun to drift into a zone of supply between the $5,700 and $6,000 levels. There are a lot of underwater positions that are looking to break even, so it seems likely that we will start to encounter sellers looking to get out of the market.
3. The daily Bollinger Bands consolidated tightly and have begun to expand — indicating that a macro bullish continuation is likely.

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