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Crypto Traders Warn Big Bitcoin Price Plunge Is Around The Corner After Stagnancy

Crypto Traders Warn Big Bitcoin Price Plunge Is Around The Corner After Stagnancy
Bitcoin machine ATM
Image by Paweł Balaryn

Bitcoin has been stuck in the same range for two weeks. When BTC remains stagnant for a long time, it tends to see significant volatility in the near-term.

For 15 days, the Bitcoin price has been stuck in the same range, consolidating at the same support level at $6,700. Although BTC surged to as high as $7,400 recently, it failed to test a key resistance level at $7,700 and has been stagnant since. Often, when the Bitcoin price becomes stuck in a tight range for an extended period of time, it tends to see significant volatility in the near-term.

While the Bitcoin price could spike upwards in a strong, short squeeze given the negative funding rate of BTC futures, more technical factors point toward a bearish retest of lower support levels rather than an abrupt upsurge…

To read more visit CoinTelegraph.

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