First Signs of Bearish Cracks Appear As Bitcoin Hits $16.8K

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Bitcoin bulls have taken over the market. A strong buying sentiment persisted across the cryptocurrency market as Bitcoin reached another year-to-date high on Monday. The cryptocurrency added $759, or 4.76 percent, to close at $16,727. At its intraday peak, it was trading at $16,892, coming closer to retesting its all-time high near $20,000 established three years ago. Multiple factors in recent months have contributed to Bitcoin’s upside move. For instance, Fidelity Investments launched a Bitcoin fund, thus backing the emerging cryptocurrency sector with its brand power. Later, many corporations and asset firms added Bitcoin to their portfolio as an alternative against a low-yielding bond market and a devalued US dollar. PayPal’s foray into the cryptocurrency space last month also boosted Bitcoin’s name across its 286 million users in the US. Bitcoin Upside Guaranteed But the same rally has disturbed its short-term technical patterns. Many analysts agree that Bitcoin’s current value…

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