This Technical Indicator is Signaling Bitcoin Could Soon Reel Towards $5,000

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Bitcoin recently faced a rejection at $9,500 that appears to be a grim sign for its macro outlook The cryptocurrency has since reeled back within its long-held trading range between $9,000 and $9,300 How it trends next will likely depend on its reaction to this trading range Because BTC posted a failed breakout attempt, it is likely weaker now than it was during its last bout of prolonged consolidation at its current price levels One analyst is now putting forth a chart showing that the crypto could soon see a significant decline The indicator he uses is even suggesting BTC could tap $5,000 Bitcoin is currently consolidating following its latest rejection. Buyers were able to push it as high as $9,500 earlier this week before they lost their strength. In the time since, the cryptocurrency has been sliding lower, and there’s no end in sight to its current bout of…

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