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The price level of around USD 90,000 for Bitcoin has not yet been able to mobilise new groups of buyers. Rather, there is a lack of bargain hunters who recognise the decline as an opportunity and seize it with gusto.
As expected, bitcoins are showing a countermovement. This was to be expected after the sharp price losses and the associated slump in sentiment. Although a price increase of almost 10,000 US dollars sounds impressive, is it really?
The mood has followed the slump in Bitcoin prices. As the positive medium-term outlook remains unchanged, there is even a chance of a tactical recovery.
The important support level for Bitcoin at USD 100,000 has been broken. Now, a top formation is on the cards. Investors seem to have only limited concerns about this.
Cryptocurrencies, especially bitcoins, have had a weak week. The technically important mark of 107,000 US dollars did not hold, and now a reversal formation is on the cards. Confidence is waning.