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BITCOIN UPDATE: - Daily chart, the price failed to break the significant bearish trendline last week. The 50-day and 100-day moving average lines located near the 22K level also played their part in pushing the price to the downside.
Currently, the market is testing the 18K support area for the third time. However, considering the overwhelming bearish momentum, a break below this significant level is likely.
In this case, Bitcoin would record a new lower low in the current bear market, and the price could drop towards the 15K area and potentially further downward in the short-term. The crash would also further prolong the duration of the bear market and bring it close to a full year.
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