Last week in BVL054, we emphasized that Bitcoin was trapped in No Man’s Land.
After spending weeks stuck between $58k and $62k, Bitcoin managed to resolve the range to the upside. For the first time since the June selloff, price broke free from the range that had defined the most fragile phase so far.
In bull markets, breaking resistance is often the hard part. In bear markets, staying above it is.
The first buyers usually appear when Bitcoin falls into opportunity. The real challenge comes afterward: convincing them to keep buying as price recovers, instead of waiting for the next dip.
That is the test Bitcoin is facing now. It can either be dragged back into No Man’s Land, or continue rebuilding with patience. Bitcoin escaped No Man's Land, but it doesn't seem ready to leave it behind, does it?
