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Ome topping out signals have started emerging in Bitcoin as its price declined from its past consolidation area close to $8,800. According to some analysts, the move of BTC towards $8,600 shows that its highs of $8,900 in recent times will stand for a mid-term top.
A valuable indicator that usually provides remarkable insight into future trends is currently saying that Bitcoin could tumble lower and retrace its recent gains, but there may be some run prior to this.
At press time, the price of Bitcoin was just above 1 percent at $8,670, representing a remarkable loss from its highs of $8,900 in recent times established at the top of the latest rally.
A noteworthy point is that the failure of the crypto to maintain a level within the upper-$8k zone appears to point at the buyers’ gradual loss of strength, and if it does not secure main support around the lower-to-mid $8,000 zone, this latest move to the upside may signal a new lower high that leads to a swift correction.