This Newly Formed Structure Could Cause Bitcoin to See Major Losses

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Bitcoin and the aggregated cryptocurrency market are currently in a precarious position following the series of strong rejections seen yesterday evening The selling pressure incurred as a result of these rejections has not yet been enough to force BTC or other assets below their crucial support levels That being said, analysts are growing increasingly cautious on BTC’s near-term outlook One trader explained that a recently emerged technical pattern seems to indicate downside is imminent It is important to note that there is one fundamental development that could invalidate this pattern Bitcoin rallied up to highs of $11,500 overnight before facing an influx of selling pressure that slowed its ascent. The cryptocurrency is now trading just above its crucial support at $11,000. Although buyers have been in firm control of Bitcoin throughout the past few weeks, ever since it posted a rejection at $12,000, its momentum has been slowing. This may…

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