Bitcoin’s Next Breakout Likely to Set the Mood Moving Forward

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Bitcoin’s price action has been extremely slow over recent weeks. The leading cryptocurrency has traded in between $10,000 and $11,000 for approximately five weeks now, barely deviating. This has resulted in Bitcoin volatility indicators such as the Bollinger Bands width to drop dramatically, to levels not seen since June/July. In June and July, the crypto was also stuck in a $1,000 range, continually ranging. Due to the compression in these markets, analysts have been on edge, arguing that the next breakout will determine in what direction this market moves over the medium-term. Analysts currently have a mixed short to medium-term view due to regulatory uncertainty and concerns about fiscal stimulus. On a long-term basis, a majority of analysts remain bullish on Bitcoin. Bitcoin’s Next Breakout Will Be Pivotal: Here’s Why Bitcoin has been stagnating in a $1,000 range over the past five weeks as legacy market investors have also become…

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