Analyst: Bitcoin May Face Prolonged Accumulation Phase Around $9,000

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Bitcoin is now caught within a persistent and relatively tight accumulation phase between $10,600 and $10,800 The cryptocurrency has been unable to post any type of ardent reaction to either of these levels, and has mainly traded in between them at $10,700 BTC’s ongoing bout of sideways trading has done little to offer insight into its near-term outlook, but investors are noting that a fresh trend may be approaching One trader recently put forth a chart showing a potentially prolonged bout of consolidation within the mid-$9,000 region He does believe that this will ultimately result in an upside move that sends BTC surging significantly further Bitcoin and the entire cryptocurrency market have been caught within bouts of sideways trading throughout the past few days and weeks. While the crypto’s previous trading range sat between $10,200 and $11,200, it has now narrowed significantly, with BTC consolidating between $10,600 and $10,800. The…

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