3 Crucial Reasons Why Bitcoin Risks Crashing to Sub-$6,000 Levels

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Bitcoin price plunged by nearly 10 percent after failing to sustain above $10,000. The cryptocurrency has covered part of its recent losses, now trading above $9,100. But a confluence of technical and fundamental catalysts are pointing to a deeper downside correction towards sub-$6K levels. Bitcoin is trading above $9,100, up almost 3.5 percent on a 24-hour adjusted timeframe, as it attempts to erase its recent losses. The benchmark cryptocurrency closed the previous week at nearly 10 percent in losses. The downside move appeared after it failed to break bullish above $10,000 – a short-term resistance level. The price eventually crashed towards $8,700 earlier this week that followed a rebound back above $9,100. Bitcoin’s price action hinted at a bias-conflict among traders. Their buying sentiment appeared weaker near the local tops above $9,500. At the same time, they defended bitcoin’s support levels around $8,700, creating a modestly wide consolidation range with…

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