Bitcoin Dips to Enhance Bearish Indicator Having $20,000 Price Target

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Bitcoin’s efforts to recover from its two-week price dip fell short as it closed towards a psychological pullback junction. The benchmark cryptocurrency pared its earlier gains above $34,000, falling by as much as 6.83 percent to trade at an intraday low of $31,990. It has added over 18 percent to its valuation following a dip below $30,500 in the previous sessions. But a higher selling pressure in the $34,000-36,000 area limited the upsides, leaving the price in a choppy range. Descending Triangle So it appears, Bitcoin started forming a series of lower highs after it established a record peak near $42,000 on January 8. Meanwhile, a stronger buying sentiment in the $30,000-31,000 range served as support. The overall trading range appeared like Descending Triangle, a bearish reversal/continuation pattern regarded by professional traders. Bitcoin slips after testing the Descending Triangle resistance. Source: BTCUSD on TradingView.com At Friday midnight, Bitcoin retested the…

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