Bitcoin Technical Analysis

Updated

Bitcoin trades lower at $57,478 on concerns the US Government is preparing to sell the Bitcoins it seized during the Silk Road raid.

Bitcoin needs to reclaim the 200-day moving ma at $62,432 to stabilise and open up a test of multi-week trend channel resistance near 70k.

Aware that a sustained break below support at 53/50k would negate the bullish medium-term technical backdrop and warn that a deeper decline is underway.

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