After $1,000 Drop, Bitcoin Buy Signal Could Conjure Bullish Reversal

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After an incredible 2020 recovery rally from Black Thursday lows, Bitcoin price may have topped out for the year. Several indicators have been pointing to a peak in the cryptocurrency; however, a buy signal on daily timeframes could suggest a short term recovery instead. The crypto asset appears to be trading within a falling wedge pattern that may propel prices higher if a breakout occurs. Bitcoin may also see a boost from today’s meeting hosted by Fed chair Jerome Powell. Here’s what else to expect. Bitcoin Price Collapses $1,000 Following 2020 High At $12,400 Bitcoin price over the past week fell from previous highs above $12,400 to as low as $11,100, securing an over $1,300 loss for crypto bulls. Several indicators, all with a track record of accuracy and success, are pointing toward a short-term peak in price action after an over 200% climb from March 2020 lows. The leading…

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