Bitcoin Maintains $10k Support as Weekly Close Approaches; Factors to Consider

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Bitcoin has found itself caught within a consolidation phase ever since its price bottomed at $9,900 yesterday This level has proven to be major support on multiple occasions throughout the past few days and weeks, suggesting that it may ultimately prove to be a long-term bottom Analysts are now noting that the cryptocurrency may be well-positioned to see significantly further upside in the days and weeks ahead That being said, how it continues reaction to $10,000 as its weekly close fast approaches will offer significant insights into its mid-term outlook Bitcoin and the aggregated cryptocurrency market have been seeing mixed price action in recent weeks, with BTC rallying to $12,400 last week before beginning a descent that would lead it down to lows of $9,900. Analysts believe that the cryptocurrency could be positioned to establish these lows as a long-term bottom, but whether or not it can do so will…

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