RATE Group | Bitcoin Weekly Close Nears as Bears Maintain Control; Will BTC Soon Drop Below $9,000?
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Bitcoin Weekly Close Nears as Bears Maintain Control; Will BTC Soon Drop Below $9,000?

28 Jul Bitcoin Weekly Close Nears as Bears Maintain Control; Will BTC Soon Drop Below $9,000?

Posted at 22:08h in Bitcoin News by

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Bitcoin (BTC) and the aggregated crypto markets have climbed slightly today after facing significant downwards pressure over the past couple of days.

This recent price action has signaled that bears are currently in full control of the cryptocurrency, and without a major push by bulls, Bitcoin could face an incredibly weak weekly close that spells trouble for the weeks and months ahead.

Bitcoin Climbs Above $9,500 as Bulls Attempt to Push BTC Higher

At the time of writing, Bitcoin is trading up over 1% at its current price of $9,550, which is up slightly from its daily lows of roughly $9,350 and is down significantly from its recent highs of $10,200.

Bitcoin’s bearish price action as of late was first sparked by its parabolic ascent towards $11,000 that occurred last weekend.

Over the past several weeks, Bitcoin has been setting lower highs on a fairly consistent basis, a trend that first began in late-June when the crypto finished its parabolic rise with a sharp movement towards…

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