RATE Group | Bitcoin Enters Accumulation Phase as Analysts Watch These Key Levels
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Bitcoin Enters Accumulation Phase as Analysts Watch These Key Levels

02 Mar Bitcoin Enters Accumulation Phase as Analysts Watch These Key Levels

Posted at 23:25h in Bitcoin News by

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Bitcoin’s turbulent price action seen throughout 2020 has primarily favored bears over the past week, with the cryptocurrency’s recent rejection at $10,000 sparking an intense downtrend that led it as low as $8,400.

In the time following this intense selloff, however, the cryptocurrency’s bulls have been able to garner some strength, leading Bitcoin to rally towards resistance within the upper-$8,000 region.

Analysts are now noting that all of BTC’s recent price action seems to further confirm the notion that the cryptocurrency is currently caught within an accumulation phase, which could mean that it will range sideways or drift lower before making its next major upwards movement.

Bitcoin Rallies Towards Key Resistance as Accumulation Pattern Emerges

At the time of writing, Bitcoin is trading up just under 4% at its current price of $8,860, which marks a notable climb from recent lows of $8,400 that were set at the bottom of its recent…

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