Bitcoin Price Analysis: BTC Slide 6.1%, Bull Party Over?

Bitcoin price drop 6.1 percent after testing $4,100Korean authorities approve seven exchanges compliant with their security measuresThe slide below $4,000 at the back of high transaction volumesAfter today’s losses, subsequent price action would determine whether BTC is within a necessary bull squeeze or the retest of $4,100 marked the beginning of bear trend and completion of a retest. After all, the dominant trend is bearish, and rejection of higher highs is at the 38.2 percent Fibonacci retracement level of Nov-Dec 2018 high low.Bitcoin Price AnalysisOverviewAfter decent performance throughout the last weeks of Dec 2018 and early this month, Bitcoin sellers are back. According to live streams from coin trackers, BTC is down 6.1 percent in the last day. Regardless, traders are optimistic and expect prices to rebound more so if there support at $3,700. If that is the case, then today’s drawdown is a bull squeeze driving prices towards the…

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