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Bitcoin Fails To Break Out Of Lower $9,000 Region, Flashes Other Signs Of Weakness

Emily Mason

Summary: Bitcoin's continued trading in the lower $9,000s has caused confidence in the currency to waiver. While one Bloomberg analyst believes that Bitcoin's consolidation between $9,000 and $10,000 is a precursor to a massive move upwards, other indicators are not so optimistic. $9,225 has recently flipped from a support to a resistance for Bitcoin, leading one ...

Bitcoin's continued trading in the lower $9,000s has caused confidence in the currency to waiver.

While one Bloomberg analyst believes that Bitcoin's consolidation between $9,000 and $10,000 is a precursor to a massive move upwards, other indicators are not so optimistic.

$9,225 has recently flipped from a support to a resistance for Bitcoin, leading one analyst to note in a tweet that bulls want to regain that level to fight against a bearish outcome. This paired with regular rejections at $10,000 and lower highs suggests a disappointing future for Bitcoin in coming weeks.

By Emily Mason

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