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Author: Alan LittleDate: 2020-07-05

$9200 is the level to beat for the BTC bulls in the near-term

  • Bitcoin consolidates Saturday’s brief spike to $9200.
  • The No.1 coin looks to retest $9200 on the hourly chart.
  • The downside appears more compelling on the daily sticks.

Bitcoin (BTC/USD) has entered a phase of consolidation after reversing sharply from the late-Saturday spike to $9195.19 highs. The spot was sold-off at the $9200 level amid thin liquidity on the US Independence Day. The choppy trend is likely to extend across the crypto space as traders are away due to the extended weekend break. Markets are awaiting a strong catalyst to revive the near-term bullish momentum on Sunday. Meanwhile, the No. 1 coin is poised to end the week with modest gains, currently defending the $9100 mark. It enjoys a market capitalization of $167.69 billion.

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