8 days of Bitcoin wins hit a wall at the $75,000 level

The largest digital currency had been rising for 8 consecutive days before a wall of sellers put an end to the small bull run. Bitcoin’s rise, which comes after five months of decline, began on March 9 at a price of $68,000 and ended (thus far) on March 17 at a price of $75,000, a very important level.

Shorts

Many major Wall Street hedge funds have apparently positioned themselves at the $75,000 level with their shorts, making this hurdle very difficult to cross. So far, the month of March has been Bitcoin’s best month of the past six, and the so-called ‘crypto winter’ seems to be coming to an end. But in order to be certain of this, Bitcoin will need to climb above this level.

A further stimulus could come this evening if the Federal Reserve provides more details regarding its next interest rate decision.

Bull run

Normally, a major bull run usually follows a period of long, smaller gains, as we have seen in the past few days.

The average bull run during the 30 days following such a period of 8 days of uninterrupted gains is one that comes with an upside of 19%, according to historical crypto data.

We are anxiously holding our breath.