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Bitcoin (BTC) experienced a sharp selloff yesterday evening that led its price to dip as low as $8,200 before it found a significant amount of buying pressure that sparked a sharp movement up to highs of $8,500. BTC now appears to be trading just beneath a critical resistance level that is halting it from climber higher, and a break above this level could spark a massive upwards movement. It is important to note that the cryptocurrency has struggled to garner any decisive momentum in the time since it was rejected at highs of $9,200. At the time of writing, Bitcoin is trading up 1.6% at its current price of $8,500, which marks a notable climb from its daily lows of $8,200. These lows were set late yesterday and marked an extension of the bearish momentum the crypto garnered after it broke down from its consolidation range at $8,600. It does appear that bulls are currently making a bid to reclaim this level, although it is important to note that BTC is currently hovering just beneath a key resistance level that could prove to be challenging for bulls to surmount. Satoshi Flipper, a prominent cryptocurrency analyst on Twitter, explained in a tweet from earlier today that this is a “critical resistance” level for Bitcoin, and that a break above this level could lead to a violent upwards movement to $9,000. As for when Bitcoin could break above this key near-term resistance level, it is important to note that its ability to continue tapping the resistance at $8,500 without incurring any swift rejection is a bullish sign. Satoshi Flipper further went on to note in a later tweet that he believes this next upwards movement that leads BTC towards or above $9,000 will occur today or this weekend. Unless bears step up to the plate and catalyze a massive influx of selling pressure, it does appear that this latest drop to the lower-$8,000 region was simply a blip that will be followed by further upwards momentum.
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Critical Resistance Bitcoin’s Response to This Level Could Determine Its:
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