Bitcoin Weekly Outlook: Expect Bear Trap as Focus Shifts on Fed Meeting

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Bitcoin has switched its short-term market bias from bullish to bearish in the last two weeks. The flagship cryptocurrency attracted sellers as soon as it established a fresh record high near $42,000. While the price dropped by as much as 31.57 percent since then, it also recovered due to an apprehensible buying sentiment near psychological support levels around $30,000. The latest weekend session was all about protecting the long-term bullish bias. Traders flocked to purchase Bitcoin quickly after it underwent a dramatic decline from around $33,000 to as low as $30,931. The price retraced back above the $33,000 during the early Monday session, marking its ninth downside rejection since January 4. Bitcoin starts the new week in green. Source: BTCUSD on TradingView.com Josh Rager, the c0-founder of BlockRoots.com, appeared optimistic about the said Bitcoin rebound. He projected the cryptocurrency to close above $34,000 this week, basing his theory on a…

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