Bitcoin Forms Higher Lows as Bulls Defend Against Heavy Selling Pressure

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It has been a rocky past few days for Bitcoin and the entire cryptocurrency market After first stabilizing above $12,000 for a multi-day period earlier this week, the crypto recently faced an influx of selling pressure that pushed it back below this level It has now entered what appears to be yet another prolonged consolidation phase in the upper-$11,000 region On a positive note, bulls have been able to establish higher lows, while also guarding multiple key levels This has led analysts to believe that some short-term upside is imminent Bitcoin is currently caught within a consolidation channel in the upper-$11,000 region. This is around where its price has been trading in the time following its break below $12,000 that took place yesterday morning. Since then, its price has been oscillating between lows of $11,600 and highs of $11,800, with this potentially marking the new range to watch in the…

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