Things Could Get 'Ugly' for Bitcoin If It Breaks Below This Level

price remains on the ropes in spite of its impressive recovery, according to Oanda analyst Edward Moya.

Bitcoin's medium-term price performance will hinge on whether or not bears can manage to break below the $17,600 level, which remains the low of 2022. If Bitcoin does manage to drop below the aforementioned level, this could trigger a lot of"technical selling." As reported by U.Today, Bitcoin saw a very sharp drop on Thursday due to higher-than-expected inflation. However, the largest cryptocurrency swiftly pared losses and ended up finishing the day in the green in a stunning whiplash. Major stock market indices, such as the S&P 500, mounted their biggest comeback in years, shocking market participants.

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