The Charts speak a thousand words. While we do not discount the possibility of seeing Bitcoin bounce higher towards the upper channel resistance level, which resides around the $8,500 level (or between the 180 EMA currently at $8,763 and the 200 SMA of $8,844 if you want to widen the channel) . Nonetheless, we remain bearish on the overall price trajectory of BTCUSDT. There are many hurdles for BTC to clear before it manages to reach the 200-day SMA and point out the 180-day EMA has recently crossed through the 200-day SMA from above. The crossover has historically denoted the beginning and end of bullish cycles. The current price target for BTCUSDT is $6,000.
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