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Bitcoin Breaks Below $9,000 Signaling a Further Decline

Bitcoin moved below $9,000 on Friday. A bullish pattern is developing in the macro-perspective. BTC could plummet to $8,400 or lower in the near term.

In the last few hours, bitcoin moved below $9,000. Now, it seems like BTC could be bound for a further downward push.

Bitcoin Technical Analysis

In the macro-perspective, bitcoin is still bullish despite the recent downturn. MindTrader, a well-known technical analyst, told CCN that he is “100% bullish on the market.”

This could be related to the bull flag that has been developing on BTC’s 1-day chart since Mar. 26. The upswing that took BTC to nearly $14,000 formed the flagpole. Meanwhile, the current consolidation phase it entered Sept. 26 is forming the flag.

This technical pattern estimates a breakout in the same direction of…

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