Bitcoin in Tug of War Between Bulls and Bears as Trading Range Tightens

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Bitcoin (BTC) is witnessing indecisive price action for the third day, with a break above Wednesday’s high of $12,145 needed to revive the bullish outlook.The leading cryptocurrency is currently trading at $11,690 on Bitstamp, representing a 0.85 percent drop on the day.Prices hit a high of $12,040 in the Asian trading hours before quickly falling back below the $12,000 mark. Today is the fourth straight day of bull failure above $12,000.The cryptocurrency hit an intraday high of $12,325, $12,145 and $12,061 on Tuesday, Wednesday and Thursday, respectively only to print a UTC close below $12,000 on all three days.Essentially, BTC has charted lower highs above $12,000 since Tuesday. At the same time, it has created higher lows in the last three days. That narrowing price range is a sign of indecision in the market place.The consolidation could also be considered a sign of bullish exhaustion since it comes following a…

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