This Technical Indicator Suggests Bitcoin Has Formed a Local Top

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Bitcoin’s price is seeing a slight consolidation phase as it trades around $13,000 The selling pressure around $13,200 has proven to be significant but bears inability to spark any significant retrace points to some weakness amongst sellers If bulls can provide BTC with a strong foothold within this price region, there’s a strong chance that serious upside is imminent One analyst explained in a recent tweet, however, that a technical indicator is suggesting that the crypto has formed a local top This could indicate that further consolidation, or a slight retrace, is imminent Bitcoin and the rest of the crypto market have been struggling to extend the recently incurred momentum due to BTC’s resistance in the lower-$13,000 region. This only marks consolidation on a micro-scale, but it is important to note that a continued bout of trading beneath this level could strike a blow to buyers’ current strength. Where the…

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