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With Bitcoin price failing to hold key support at $28,000 once again after Wednesday’s uptick, bears have taken advantage to push prices below $27k. BTC is trading near $26,830 as bulls look to return to the $27k level.
The technical outlook for BTC suggests bulls risk giving up more ground to determined bears if a head and shoulders pattern forming on the daily chart is confirmed. In a tweet earlier today as BTC struggled for upside momentum, Peter Brandt shared a chart of Bitcoin price showing the H&S pattern on the daily timeframe. He noted:
“A head and shoulders should be taken seriously if it is completed $BTC.”
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