This Imminent Supply Zone May Lead Bitcoin Significantly Higher

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In the time following Bitcoin’s recent break above its key near-term resistance level at $7,200, the benchmark cryptocurrency’s bears have lost some of their steam as it declines below this level, with it now being at risk of revisiting its support at $7,000. Analysts are still expressing some bullishness, however, with one noting that he anticipates Bitcoin to ultimately reach its key supply zone around $7,600 before it finds enough selling pressure to catalyze a sustainable downtrend. This region coincides closely with an upside target recently offered by another trader, who believes that the support just below BTC’s current price level will be enough to push it higher. Bitcoin Declines Below Key Support, But Analysts Remain Bullish At the time of writing, Bitcoin is trading down roughly 1% at its current price of $7,180, which is just slightly below its daily highs of $7,270 that were set around this time…

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