Bitcoin has broken above the "Silver Line" resistance level after five previous rejections, signaling short-term bullish momentum with potential upside targets between $97,000 and $107,000. This move follows Bitcoin's recent rise to $80,000 and is attributed to liquidity stress and changes in Federal Reserve repo rules, according to analyst Doctor Profit. The breakout coincides with a record $106 billion repo injection by the Federal Reserve, marking the largest single-day operation of its kind. Despite this bullish short-term outlook, Doctor Profit maintains a bearish long-term view, predicting Bitcoin could fall below $70,000 due to ongoing stress in banking and equity markets. He also noted significant insider selling and pressure in equities, suggesting broader market instability.
Bitcoin Surges Past Key Resistance Amid Fed Repo Injection
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