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Chart Of The Day: Bitcoin

By Forex Analytix (Blake Morrow )CryptocurrencyAug 05, 2022 04:05AM ET
www.investing.com/analysis/chart-of-the-day-bitcoin-200628107
Chart Of The Day: Bitcoin
By Forex Analytix (Blake Morrow )   |  Aug 05, 2022 04:05AM ET
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Bitcoin has been in a bearish consolidation since mid-June below the spike low in mid-May (25,400). Bitcoin bulls should take note since we have been in a minor ascending channel since June 18. The problem bulls may have since then is that risk appetite (SPX, stocks, etc.) has rallied substantially since mid-July (see orange overlay line chart). Unfortunately for Bitcoin, it has not followed. 

As we head into two key data points in the next few trading days (nonfarm payrolls today and US CPI next Wednesday) if the stock market bear market takes hold again, the risk now is increasingly for Bitcoin to revisit the 52-week lows at 17,600.

BTC/USD Daily Chart
BTC/USD Daily Chart

Chart Of The Day: Bitcoin
 

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Chart Of The Day: Bitcoin

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Abdul Rehman
Abdul Rehman Aug 05, 2022 1:10PM ET
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