3 Reasons Why Bitcoin Is Likely Near a Bottom After 25% Retracement

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Bitcoin has undergone a strong retracement since the local highs set last week and the year-to-date highs set weeks earlier. At the lows earlier today, BTC was around 25% below the year-to-date highs. Analysts are worried that Bitcoin has room to fall despite dropping 25% within the span of a few weeks. There are a number of reasons, though, why the cryptocurrency might be soon reaching a bottom. #1: Bitcoin’s Selling Pressure Has Subsided Bitcoin may be nearing a local bottom because a number of indicators suggest that the selling volume that brought the coin lower has started to subside. One crypto trader shared the chart below of BTC’s on-balance volume indicator, which attempts to relate price action to volume. The indicator suggests that the “selling pressure [has been] exhausted,” meaning consolidation is likely to follow. Chart of BTC's on-balance volume over the past few months by crypto analyst IncomeSharks…

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