Cryptocurrencies
Bitcoin Declines After Bouncing Off Top of Recent Price Range
- Cryptocurrency tests upper bound of its downward trend channel
- Oanda’s Ed Moya sees Bitcoin exiting consolidation phase soon
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Bitcoin is struggling to extend its record-breaking rally after failing to break through a key level that market technicians say needs to be breached before prices can move higher.
The world’s largest cryptocurrency dropped from the upper range of the downward trend channel established since it reached an all-time high of almost $42,000 on Jan. 8. At the same time, the coin’s GTI VERA Convergence Divergence Indicator -- which detects trend fluctuations -- is flashing signals that the token’s bear trend may be diminishing.