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After all, that was the previous resistance barrier in the consolidation that lasted for months. And therefore, I think you need to keep that in the back of your mind. The market breaking back above the $90,000 level would be a good sign, especially now that it wouldn’t be a knee-jerk reaction. But really at this point, I think most traders are just accumulating. If you are playing Bitcoin levered, you probably blew up your account and you probably aren’t watching this. But that being said, it is worth noting we are approaching a significant support level.
And if you do like I do, where you just accumulate automatically weekly, you don’t really worry about this. You understand that over the longer term, it tends to do this, and then it will bounce, and then it will take off again. You can see that there is that massive support right around 75,000 that I think will come into the picture. If it breaks down below there, then it’ll be interesting to see how far we could fall. We could even be talking about $60,000. But right now, I think we’re trying to settle into a new range.
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