Analysts Watch Crucial Bitcoin Support as Altcoins Gain Momentum

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Bitcoin has been inching lower throughout the past few days and weeks, with buyers and sellers both being unable to take control of its near-term trend This slight decline has come about following a period of immense strength and stability as it consolidated above $16,000 If it continues trading below this level, its recent $16,500 highs could mark a long-term top Where it trends next may depend on one key support level that an analyst is closely watching This price action could prove to be beneficial for altcoins, however, as many tokens are currently rocketing higher despite BTC’s pullback If this trend persists, then this could mark the start of the next “altseason” – where investors move money away from the larger digital assets and towards higher risk ones Bitcoin is in the process of reeling lower today, with sellers gaining an edge over buyers as the support at $16,000…

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