Bitcoin Could Be Forming “Local Top” as Indicators Suggest Rally is Overheated

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Bitcoin has seen one of its first strong pullbacks posted in the time since its rally formed its latest leg higher that led it all the way up to $24,200 The rejection here proved to be quite intense, as it sparked a selloff that led the crypto as low as $22,000 this morning The support here was quite intense and helped slow its ascent, with buyers aggressively stepping up to guard against a decline below here Where it trends next will likely depend on its continued reaction to this key level, as any sharp decline beneath it could give way for it to see some major downside One trader said in a recent tweet that multiple indicators are now suggesting that downside is imminent for the entire market Bitcoin and the entire cryptocurrency market has been rocked by immense volatility over the past couple of days, with the selling pressure…

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