Bitcoin Price Analysis: Is the BTC Bull Run Over as Bulls Lose 200-Day Moving Average?
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Bitcoin Price Analysis: Is the BTC Bull Run Over as Bulls Lose 200-Day Moving Average?
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Bitcoin’s price has been dropping aggressively lately, pushing below a significant support level. If a recovery does not happen soon, things can get much worse for the crypto market.
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BTC plunges below $58,000 as whales and governments sell off
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As the daily chart demonstrates, Bitcoin’s price has failed to hold above the significant $60K support level and has also broken below the 200-day moving average, located around $58K.
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Price declines could accelerate as support gets broken and sellers scramble to find liquidity," he said before adding: "Only ill-informed traders are willing to buy here. Breaking this support could cause a sharp decline to the low $50,000s
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