Bitcoin’s Cloud Pattern Shows Bears May Still Be in Full Control

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Bitcoin and the entire cryptocurrency market are currently bearing witness to relatively mixed price action While BTC has faced some intense selling pressure, it is important to note that bears have not invalidated any of its mid-term market structures As such, it remains well-positioned to see further near-term upside Despite this, one analyst is noting that the cryptocurrency’s cloud formation may spell some trouble for its near-term outlook, as it shows that it is still stuck beneath some crucial levels Whether or not it can shatter through these levels should offer insight into its short-term trend Bitcoin is once again stuck below $12,000, with an influx of selling pressure incurred yesterday causing its price to slide significantly lower. It now appears that it is beginning to respect similar range boundaries to those set throughout the past few weeks, with support at $11,600 and resistance around $12,000. Despite not being able…

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