Bitcoin Price Could Still Slip Below $20,000, Warns Analyst

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Bitcoin voyaged into unchartered territories following its dramatic breakout move above $22,000 on Thursday. And now, the flagship cryptocurrency is clueless about where to trend next. Traders have no historical reference to guess short-term support and resistance levels. Nevertheless, many of them have predicted extended rallies for Bitcoin in the wake of supportive fundamental indicators. They include ever-expanding institutional capital inflows into the cryptocurrency market and a retail euphoria led by a bearish US dollar outlook for 2021. Amid the bullish frenzy, meanwhile, are a few warnings about potential bearish corrections. The RSI Factor Bitcoin’s price rally above $20,000 had made it an overbought asset per some technical indicator readings (). That requires a certain degree of sentimental neutralization that could only come if traders with short-term risk appetite start withdrawing their profits. Bitcoin RSI is yet to top out, leaving more room for price to grow. Source: BTCUSD on…

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