This Trend Suggests Bitcoin is Extremely Bullish Despite Recent Selloff

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Bitcoin saw a strong overnight selloff that caused its price to erase most of the gains incurred throughout the past couple of days This selloff came about at a crucial resistance level, with the selling pressure at $13,800 proving to be significant This is a historical level, as it is where BTC rallied to before facing a strong rejection in the summer of 2019 The rejection here was grave, but the cryptocurrency still has multiple factors working in its favor One analyst is pointing to a spot premium as one such factor that could bolster BTC It has been a rough past few hours for Bitcoin and the aggregated crypto market, as the benchmark cryptocurrency saw a harsh selloff after its price rallied as high as $13,800. The selling pressure at this price level was significant and came about swiftly, suggesting that it may be quite some time before we…

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