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Bitcoin’s Bounce Back Over $9,000 Masks a Potential Downtrend

  • Healthy pullback may be needed to break $10,000: Oanda’s Moya
  • Token has failed to overcome recent high reached in February

Bitcoin’s trading above $9,000 once again, but technical indicators suggest the largest cryptocurrency is stuck in a funk.

Though the price level may provide support, Bitcoin needs to break out of the downtrend it formed when its May high failed to take out the one reached in February. Any further rally that withers before overcoming a previous high may signal Bitcoin entered a potential downtrend, further indicating bearish sentiment.