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Bitcoin (BTC)

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#1
From a macro perspective, Bitcoin’s price action is contained within a descending parallel channel since late June 2019 after peaking at nearly $14,000.
Since then, every time the flagship cryptocurrency plunges to the bottom of the channel, it bounces off to the middle or the top. But, when it surges to the top of the channel, it pulls back to the middle or the bottom.
At the moment, BTC is testing the upper boundary of the multi-month descending parallel channel. A spike in demand around the current price levels could lead to the breakout of such a significant resistance level. Breaking this price hurdle could trigger FOMO (fear of missing out) among investors pushing Bitcoin into higher highs.
Nevertheless, the descending parallel channel could continue holding the pioneer cryptocurrency from a further advance. An increase in the selling pressure behind BTC could allow it to pull back to the middle or the bottom of the channel like it has done it in the last six months.
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