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Fears of Bitcoin Dump Intensify as Price Fails to Break 2017-2020 Resistance

▪ Bitcoin popped towards its two-month high early on Thursday, breaking above $9,400 amidst halving hype.
 ▪ But the cryptocurrency failed to secure its intraday gains as it corrected lower by about $937 from the local top.
 ▪ The pullback started at the same level that has been capping bitcoin’s upside attempts since the 2017 bull run.

It was a glorious morning for bitcoin as its price rocketed past $9,400 for the first time in two months.

The top cryptocurrency was itching to make a comeback ever since it crashed by more than 50 percent in mid-March. A price rebound that ensued in the latter half of March, followed by an extended upside move throughout April, helped bitcoin recover fully – from $3,880-low to $9,478-high established April 30.

Nevertheless, the cryptocurrency’s uptrend is hinting to run out of fuel as it flirts with its long-term technical resistance.