RATE Group | Bitcoin’s Bullish Fundamentals May Not be Enough to Stop a Violent Selloff; Here’s Why
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Bitcoin’s Bullish Fundamentals May Not be Enough to Stop a Violent Selloff; Here’s Why

23 Mar Bitcoin’s Bullish Fundamentals May Not be Enough to Stop a Violent Selloff; Here’s Why

Posted at 18:38h in Bitcoin News by

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It has been a rough few weeks for Bitcoin and the aggregated cryptocurrency market, with the recent turbulence within the traditional markets creating a downwards tailwind that has been too strong for cryptocurrencies to resist.

In spite of this mid-term bearishness, it is important to note that Bitcoin has been able to find some stability within the $6,000 region, with bulls ardently defending against a drop below this region.

One prominent analyst, however, is now noting that he believes Bitcoin’s fundamental strength makes it highly bullish, but also that its technical weakness insinuates that significantly further downside is inbound.

Bitcoin Sees Growing Technical Weakness Despite Position in $6,000 Region 

At the time of writing, Bitcoin is trading up just under 3% at its current price of $6,220, which marks a notable climb from daily lows of $5,800 that were set overnight when bears attempted to push the benchmark cryptocurrency lower.

This decline was quickly absorbed by…

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