Bitcoin’s price retreat came amid a broad sell-off in cryptocurrency markets, with of the CoinDesk 20-listed digital assets trading in the red.
For bitcoin, upside momentum continues to slow on the daily price chart, suggesting continued profit-taking among buyers.
For now, intraday charts appear deeply oversold.
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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.
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