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Bitcoin May See Imminent Relief Rally, But Mid-Term Outlook Remains Grim

Bitcoin’s ongoing downtrend was further extended today after bears pushed the cryptocurrency below a key support level that had been holding strong for the past few weeks, leading many analysts and investors alike to fear that further losses are imminent for the cryptocurrency.


Bulls have been able to defend from further losses, as its downtrend halted around $6,800. The support that Bitcoin has found in the upper-$6,000 region has led some analysts to predict that a relief rally is imminent, but it is important to note that the mid-term outlook for BTC still remains quite gloomy.


Bitcoin Drop Halts at $6,800, is a Relief Rally Inbound?


At the time of writing, Bitcoin is trading down just under 3% at its current price of $6,900, which marks a slight climb from its daily lows of $6,800 that were set earlier this morning.


Bitcoin’s ability to find support at $6,800 was surprising to some analysts, as most had previously believed that a dip below $7,000 would open the gates for a sharp and rapid movement downwards. Read More...

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