Why Analysts are Bullish on Bitcoin Despite Close Beneath Key $11,700 Level

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Bitcoin has been flashing some mixed signs to investors as of late Despite seeing intense bullishness throughout the past week as it rallied from the lower-$10,000 region to highs of $12,000, analysts still remain cautious regarding where it may trend next Their present lack of bullishness is rooted in the cryptocurrency’s inability to close its weekly candle above $11,700 This is a historically important level that analysts were closely watching over the past couple of days That being said, it has still maintained above its crucial macro support of $10,600 – leading one top trader to remain optimistic Bitcoin and the aggregated cryptocurrency market are currently in a relatively good position despite the strong selloff seen just two days ago. BTC has now entered what could ultimately be a consolidation phase within the lower-$11,000 region. Buyers have been able to lace this region with strong support, as even the heavy…

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