Bitcoin Loses Technical Integrity as Multiple Bearish Factors Emerge

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Bitcoin is now in the process of recapturing the $7,000 region following a continued defense of the support at $6,800 Despite its climb, BTC is flashing multiple bearish technical signs that suggest its strength is degrading One analyst targeting a movement into the $5,000 region. After an extended period of range-bound trading beneath $7,000, Bitcoin is attempting to claw its way back into this region as it tests its newly formed resistance. In spite of the overt bullishness of this ongoing upswing, it is important to note that the recent downturn did some technical strength to the cryptocurrency, and it does appear that it is poised to see further weakness in the near-term. This could lead the cryptocurrency as low as the $5,000 region, although the strong support established there will likely be enough to halt the downtrend. Bitcoin Flashes Bearish Signs on 4-Hour Chart At the time of writing,…

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