Bitcoin has once again shown why it is still the most powerful player on the cryptocurrency market. Within days, Bitcoin broke through key resistance levels and soared above $117,000 with incredible speed. This move was vertical and backed by a noticeable increase in trading volume rather than merely a gradual ascent. In the past significant cyclical movements rather than brief rallies have begun when Bitcoin emerges from consolidation phases on soaring volume. Technically the price has broken through seller barriers that have been stifling price action since late spring, exiting a multi-month consolidation triangle.
