RATE Group | Bitcoin Price Breaks Below $8,300, Is The Bull Rally Already Over?
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Bitcoin Price Breaks Below $8,300, Is The Bull Rally Already Over?

23 Jan Bitcoin Price Breaks Below $8,300, Is The Bull Rally Already Over?

Posted at 15:50h in Bitcoin News by

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Bitcoin price has been falling over the last 24 hours, potentially signaling that the recent bull rally has come to an abrupt end.

But what are the factors behind Bitcoin’s latest drop, and how far might the crypto asset dive before it finds support?

Bitcoin Price Inches Below $8,300, But Is There Much Further to Fall?

The leading cryptocurrency by market cap has spent the last six months locked in a downtrend. However, that downtrend was considered broken by many during the recent bull rally in Bitcoin, causing many to expect at least a short-term uptrend to follow.

Related Reading | Current Bitcoin Trend is Repeating the Bull Run to $20k in 2017, And It’s Mega Bullish 

And while Bitcoin price did rise as much as 35% in less than 30 days, it failed to break through overhead resistance and reclaim past highs.

Now, as of this morning, Bitcoin price pierced through $8,300 temporarily after a more than $400 selloff began in the late-night hours.

The crypto asset is back above $8,300…

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