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Bitcoin Technical Analysis: BTC Consolidation Signals Range-Bound Activity

May 24, 2024

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Bitcoin

Recent trends in the daily chart reveal bitcoin (BTC) reaching a peak of $71,958 before retreating to its current price range. The volume has shown significant drawdowns, indicating selling pressure. Candlestick patterns, such as bearish engulfing, suggest potential reversal points, particularly around the recent peak. The 4-hour chart mirrors the daily trend, showing the same short-term high at $71,958 followed by a sharp decline.

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