Downside Risks Grow as Bitcoin Sells Off at $38,000 Once Again

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Bitcoin continued its weekly bull run into the early Thursday session in Asia but met modest selling pressure as its price attempted to topple a short-term resistance level. The flagship cryptocurrency brief breached $38,000 before turning lower ahead of the European market open. That marked its second attempt in less than a week to break bullish on the said level, raising possibilities of a potential Double Top formation on shorter timeframes. The red markings represent a brewing Double Top setup in Bitcoin. Source: BTCUSD on TradingView.com In retrospect, a Double Top formation occurs when an asset forms a high price two consecutive times with a moderate decline between the two peaks. That increases its potential to revisit the support common between the two peaks, followed by an extended bearish breakout. Bitcoin is halfway forming the Double Top setup, confirmed by its latest pullback from the $38,000-levels. If the pattern holds…

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