RATE Group | Bitcoin is Shaping Up to See Major Losses as Technical Strength Degrades
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Bitcoin is Shaping Up to See Major Losses as Technical Strength Degrades

06 Mar Bitcoin is Shaping Up to See Major Losses as Technical Strength Degrades

Posted at 21:59h in Bitcoin News by

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The aftermath of Bitcoin’s recent selloff that sent it reeling down to lows of $8,400 hasn’t been as bullish as investors may have hoped for, as the cryptocurrency has found itself caught within multiple bouts of sideways trading while struggling to gain any decisive momentum.

As Bitcoin now hovers within the lower-$9,000 region, analysts are noting that it is beginning to show signs of forming a short-term top, suggesting that the cryptocurrency could be bound to see some further near-term losses.

As for how low this potentially selloff could lead BTC, one top analyst is noting that he is eyeing a move into the mid-$8,000 region, with a break below its support at $8,500 potentially sparking a capitulatory selloff.

Bitcoin Struggles to Hold Above $9,000 as Analysts Eye Bearish Tweezer Top 

Bitcoin has been hovering in the lower-$9,000 region in the time following its recent rally from lows of $8,400 to highs of $9,200.

The resistance that has been…

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