Bitcoin on the Defensive But May See Bounce at Key Price Support

Bitcoin’s (BTC) short-term prospects are looking bleak, but its close proximity to a historically strong price support level calls for caution on the part of the sellers.

The crypto market leader faced rejection at the bearish (descending) 50-week moving average (MA) last week and ended with a 2.5 percent drop, neutralizing the short-term bullish setup. A similar rejection at that average had ended up killing the nascent bull market four years ago, as discussed on Friday.

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