Bitcoin is “Fragile” as It Trades Below Multiple Crucial Levels

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Bitcoin witnessed an intense influx of selling pressure yesterday that caused its price to reel down towards lows of $11,600 Although it was able to find strong support at these lows, this recent selloff forced it back below the $12,000 region This is a grim sign for its mid-term outlook, as it points to underlying weakness amongst the cryptocurrency’s bulls Analysts are now noting that it does appear to be in a “fragile” position This means that any further selling pressure could result in it seeing a major selloff that sends it reeling below its crucial near-term support Bitcoin and the aggregated crypto market are currently caught within a slight downtrend. This came about after BTC lost the buying pressure that was previously allowing its price to stabilize within the mid-$12,000 region. Its inability to sustain this recent technical breakout shows that bulls are losing their momentum, which may be…

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