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Bitcoin Faces Brutal Rejection Near $9,400; Why Traders Remain Bullish


Bitcoin Faces Brutal Rejection Near $9,400; Why Traders Remain Bullish

Bitcoin faced a brutal rejection at just below $9,400 earlier this morning. This caused the cryptocurrency’s price to reel lower, and bulls are now attempting to defend a crucial support level. BTC’s latest bout of volatile trading comes as the crypto’s weekly candle close is fast approaching, making the coming few hours potentially critical for how it trends in the week ahead. The swift rejection faced overnight caused the benchmark cryptocurrency to decline as low as $9,100, but buyers quickly stepped up and boosted it back above its crucial near-term support at $9,200. Bulls are now ardently defending this level, which has been established as support in the time following the rejection seen at $9,500 earlier this past week. Because BTC has consistently failed to garner any strong upwards momentum and appears to set lower highs on a weekly basis, it does seem as though bears have a significant edge over bulls. Read More...