Bitcoin Closing Above $10,500 Could Confirm This Bullish Recovery Pattern

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Bitcoin remains in a weak spot despite bouncing slightly from the $9,800 lows seen on the weekend. The leading cryptocurrency currently trades for $10,100 as of this article’s writing, down marginally in the past 24 hours. Bitcoin has seemingly formed a consolidation pattern between $9,900 and $10,500. Analysts say that if the cryptocurrency can retake $10,500 as support, a bigger rally could be had. $10,500 has long been an important level for BTC; the level held as resistance during three separate bull runs. Bitcoin Could Recover If It Retakes $10,500: Here’s Why Bitcoin may be primed to enter a Wyckoff Accumulation pattern if it closes above $10,500, one cryptocurrency trader suggested. The trader in question is one that predicted BTC would hit the $3,000s and XRP would hit $0.11-0.13 at the start of 2020, months before the cryptocurrencies hit those targets. He shared the chart below on September 7th, noting…

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