BTC Faces Resistance Amidst Mt. Gox Sell-Off
CryptoNewsTerminal Staff05 Jul, 2024
BTC Faces Resistance Amidst Mt. Gox Sell-Off
BTC Trades Within Descending Channel Crypto analysts predict potential market volatility as Bitcoin (BTC) trades within a descending channel, according to prominent trader DaanCrypto. He observes that BTC has found support at the range's lower boundary and is bouncing. Fellow trader 'il Capo Of Crypto' anticipates some consolidation before further price movement. Mt. Gox Sell-Off Impacts Market As Mt. Gox initiates BTC and BCH distribution, the market has turned negative. Analyst DaanCrypto expects the market's response to indicate the presence of sell-side liquidity. Technical Analysis Points to Support Titan of Crypto analyzes the monthly chart and suggests that BTC may find support at the Ichimoku cloud conversion line. He maintains that Bitcoin remains in a bull market until the monthly candle closes below the kijun line.
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