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Bitcoin Losing Momentum Could Result in Shocking Fall to $1,000

Bitcoin price recently spiked from local downtrend lows of around $6,400 toward a high of over $9,200 before a rejection at overhead resistance stopped the rally in its tracks.

Although the bullish momentum was strong, causing Bitcoin to gain over 40% in 30 days, that momentum has since been waning after the rejection occurred, as traders begin to fear that the breakout wasn’t enough to sustain positive price action into a new uptrend.
If Bitcoin loses further momentum here, it could be devastating for the cryptocurrency market.