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Bitcoin Crashes Above $90,000, But Faces Further Declines

Author: Content Editor
According to a cryptocurrency price analysis by Coinidol.com, Bitcoin (BTC) has been stagnant since reaching a peak of $108,000. The current trend shows that Bitcoin is trapped between two moving average lines - the 50-day SMA support and the 21-day SMA resistance. If the bears break the 50-day SMA support at $92,000, Bitcoin could drop to as low as $88,000. However, if the support holds, Bitcoin will trade above $92,000 but below the $100,000 resistance. The current value of Bitcoin is $93,319. The analysis states that the performance of Bitcoin will depend on whether the 50-day SMA support or the 21-day SMA resistance is broken. The key resistance levels are $90,000 and $110,000, while the key support levels are $70,000 and $50,000. The 4-hour chart shows that Bitcoin is trading in a narrow range above the $92,000 support. The analysis concludes by stating that this information is the personal opinion of the author and is not a recommendation to buy or sell cryptocurrency.

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