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Tuesday, February 7, 2023

Bitcoin Unable To Break Free

Bitcoin has been holding near the $20,000 mark for over a week and while bulls seem to be losing steam, bears are still shy. Meanwhile, smaller-cap altcoins continue to play catch up, posting solid gains and causing speculations that the alt season is here. The total market capitalization of all digital assets in circulation has reached an all-time high of $688 billion.

The cryptocurrency is trading in a range between $19,500 and $20,500.

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As Bitcoin continues to trade below the current resistance at $21,000, it looks like it could be forming a base for another move higher toward its next target at $22k. On the other hand, if BTC does not break above this level soon then we might see a drop toward its previous lows near $19K by next week.

Bitcoin Remain Stagnant

Bitcoin has been holding near $20k since January 5th when it broke out of an ascending triangle pattern on the daily chart with high volume after which we saw a huge sell-off among investors who were expecting higher levels than what they saw on December 31st (21K).

This led bitcoin prices to fall down below 19K where sellers took control but were unable or unwilling to push prices further down due to strong support levels formed around that point in time during late 2018’s bull run that saw BTC surge above 20K before falling back down again last year due to some issues within exchanges such as Mt Gox collapsing and Bitfinex shutting down as well as internal conflicts within Bitcoin Cash community leading up until August 1st when BCH split into two separate chains resulting in both being listed under different ticker symbols (BCH/BCC) instead of one united single token.

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Thus causing uncertainty among investors about which branch would succeed so many dumped their holdings altogether leaving only die-hard supporters behind who bought enough cheap coins from those who got scared off before them; thus driving prices downward fast enough until support was found around 16k where most people stopped selling because they thought it couldn’t go any lower than there but eventually did hit bottom during October/November 2019 when it fell below 12k.

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