Key points:
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Bitcoin’s relief rally is facing selling near $112,000, signaling that the bears have not given up.
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Buyers have defended the support levels in select major altcoins, but unless they push the price above the overhead resistance, the selling is likely to resume.
Bitcoin BTCUSD is attempting a comeback, but the bears are selling the recovery near $112,000. Bitfinex analysts said in a report that the 18.1% peak-to-trough drawdown in October is “consistent with prior cycle-high retests since 2023,” indicating consolidation rather than a trend reversal.
Galaxy Digital CEO Mike Novogratz said in an interview with CNBC that BTC “should hold” around $100,000. He expects BTC to remain within a range of $100,000 to $125,000 and for the price to accelerate only after it breaks…more
Source www.tradingview.com
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