RATE Group | Bitcoin at Risk of Erasing 2020 Gains After Being Rejected at Key Level
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Bitcoin at Risk of Erasing 2020 Gains After Being Rejected at Key Level

03 Feb Bitcoin at Risk of Erasing 2020 Gains After Being Rejected at Key Level

Posted at 21:24h in Bitcoin News by

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Bitcoin faced a flash rally yesterday evening that led the crypto to break above $9,600 before almost instantly incurring a significant amount of selling pressure that led BTC to plummet into the $9,300 region.

Bull’s inability to decisively close the cryptocurrency above its key resistance at $9,500 points to the possibility that bulls are losing their strength, and may even suggest that the crypto will drift significantly lower before buyers are able to catalyze another extended bout of upwards momentum.

Analysts are now noting that this latest firm rejection seems to suggest that BTC’s 2020 uptrend is over, and that the cryptocurrency could soon see a massive retrace down towards its year-to-date lows.

Bitcoin Struggles to Break Above $9,500, Leading Analysts to Flip Bearish

At the time of writing, Bitcoin is trading down 1% at its current price of $9,330, which marks a notable retrace from its daily highs of over $9,600 that were set at the peak of yesterday evening’s…

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