Following Bitcoin’s overwhelmingly positive price action over the past couple of weeks, the cryptocurrency has finally hit a strong level of resistance that sent it spiraling downwards. Now, BTC is beginning to establish fresh levels of support and resistance, which may lead to the formation of a fresh trading range.
Although today’s drop has allowed Bitcoin’s bears to take control of the cryptocurrency, analysts are now explaining that BTC does have multiple levels of strong support formed throughout the $4,000 region, which means that a drop back to the lower-$4,000 level is highly unlikely.
Bitcoin (BTC) Fails to Break Above $5,350
At the time of writing, Bitcoin is trading down over 4% at its current price of $5,060 and is currently trading near its daily lows.
Today’s drop was brought about yesterday after Bitcoin swiftly surged from roughly $5,300 to $5,350, where it faced significant levels of selling pressure that sparked the sell-off that sent the cryptocurrency…
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