Bitcoin Slumps Below $9,000 to 2-Week Lows But A Bounce Might Be Underway

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Bitcoin Slumps Below $9,000 to 2-Week Lows But A Bounce Might Be Underway




Bitcoin bulls are clearly losing steam as bears have been able to break below $9,000 and the daily ascending channel. They also managed to break the 26-EMA support but the volume for the bears is concerning.

Considering they managed to break below crucial support levels, the bearish continuation hasn’t been that strong, and volume has continued declining. Bulls can still see a daily equilibrium formed if they can hold the $8,117 support.

The short-term is definitely in favor of the bears but it’s not a clear downfall for Bitcoin just yet. According to recent statistics, the number of addresses holding Bitcoin has continued to grow further confirming the narrative about people accumulating Bitcoin.

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