The technical analysis tool is popular amongst crypto traders hopeful of securing an insight in the markets psyche.
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The technical analysis tool is popular amongst crypto traders hopeful of securing an insight in the markets psyche.
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Fear over the Evergrande situation weighed heavily on equities markets and Bitcoin price, leading traders to expect a bounce in the $42,000 to $38,000 zone.
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Bitcoin has been leaving Coinbase’s wallets in 2021 while BTC exchange reserves on Binance tell a different story.
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The rush to so-called safe-haven cryptocurrency appears despite concerns that the Federal Reserve would taper its $120 billion a month asset purchasing program.
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Analysts highlight the formation of a bull flag on the Bitcoin chart and suggest that the price could continue to consolidate until a major catalyst moves the market.
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“The Market Report” with Cointelegraph is live right now with special guest Charlie Burton, a veteran trader and the co-founder of Ezeetrader!
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The Nasdaq-listed company recently announced it added another 5,050 Bitcoin to its coffers for about $242.9 million.
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Despite Bitcoin struggling mightily over the last week or so, a price target of $100,000 looks quite realistic for the digital asset.
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However, some crucial Bitcoin price levels must be broken before the bullish party can start.
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