Bitcoin could enter a period of consolidation before its next leg in the rally, observers noted.
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Bitcoin nearly doubled in price since late January, but a “counter move seems to be near,” Swissblock analysts said.
Momentum behind bitcoin’s rally has waned so expect a period of consolidation, Matrixport analysts noted.
The rally could be a sign of traders rotating some of their capital to tokens that haven’t moved yet.
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Bitcoin’s sharp rebound from Tuesday’s plunge indicates a start of a new rally targeting $76,000, Swissblock said.
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