A Bitcoin Correction Towards $55,000 Likely At The End of Week

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Key Bitcoin Price Outlook Bitcoin reaches a short-term resistance trendline that constitutes a descending channel pattern. The cryptocurrency risks upside rejection heading into the weekend session. Its downside target lurks near $55,000. Sliding US bond yields undermined the dollar and prompted bitcoin’s climb on Thursday. Nevertheless, the trade appeared cyclical as the cryptocurrency fell lower this Friday on signs of firmer yields and a rebounding dollar. That said, the underlying bullish sentiment in the greenback kept a lid on Bitcoin’s ability to log a full-fledged breakout. Investors and traders have long anticipated that the cryptocurrency would log strong gains above $60,000. But — once again — it failed to follow up on its previous bullish leads, leaving the market at risk to log a downside correction instead. Acting further as a bearish tailwind is a descending channel pattern visible on Bitcoin one-hour chart. The cryptocurrency tested its upper trendline as…

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