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Bitcoin Price Faces Uphill Task, Risk of Additional Losses Below $42K Looms
Bitcoin price started a consolidation phase from the $41,500 zone. BTC recovered a few points, but the bears were active near the $43,250 and $43,500 levels. The last swing high was near $43,568 before the price started a fresh decline. There was a clear move below the $43,000 level. Besides, there was a break below a key rising channel with support near $42,880 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $43,250 and the 100 hourly Simple moving average. It is again attempting a recovery wave above the $42,500 level. On the upside, the price is facing resistance near the $42,800 level. It is ... (full story)