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🟠BITCOIN FACES PRESSURE AMID SELL-OFFS

🟠BITCOIN FACES PRESSURE AMID SELL-OFFS

Day: 09 | Time: 17:01:33 The Bitcoin market is facing significant pressure due to massive sell-offs from the Mt. Gox exchange and German authorities. Germany is quickly liquidating its Bitcoin reserves, intending to sell all remaining BTC within two days at the current rate, according to analysts. Despite the fundamental challenges, the average cost of Bitcoin mining serves as a crucial support level and intermediate bottom for the price. From a technical standpoint, a bullish flag pattern has been identified in the Bitcoin market, indicating a possible upward breakout. Key resistance levels are identified at $58,500 and $64,000, while support levels are at $53,500 and $53,000. A breakout of the $58,500 resistance could trigger a bullish momentum, while a break below $53,500 could lead to further declines. The market is also monitoring the potential approval of the Ethereum ETF, which could renew investor sentiment and indirectly benefit Bitcoin.

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