Bitcoin Faces “Weak” Selloff as Buyers Gear Up for a Push Higher

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Bitcoin’s price has stabilized following its recent bout of intense volatility This turbulence mostly favored bulls, as the crypto was able to rally as high as $11,100 before facing some heavy resistance that slowed its ascent Analysts are now widely noting that it may be poised to see some further weakness in the near-term That being said, the tempered reaction to the strong selling pressure in the lower $11,000 region does seem to be a positive sign for bulls One bearish analyst is saying that he is losing confidence in his short position due to the crypto’s current strength Bitcoin and the aggregated cryptocurrency market have seen mixed price action in recent weeks. Despite the strong selling pressure that has guided Bitcoin lower and ultimately forced it down to $9,900, the benchmark digital asset’s bulls have been able to step up and stop it from seeing any massive near-term downside.…

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