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Despite 10% Drop, Bitcoin Is Still “High Time Frame Bullish” For This Key Reason

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It’s been a tough past few days for Bitcoin. The cryptocurrency has slipped approximately 10% from the $10,100 monthly highs to a recent low of $8,800, triggered by fears that Satoshi Nakamoto is dumping his BTC.

Bitcoin price chart from TradingView.com

While those rumors have since been disproven by blockchain analytics companies, BTC has yet to recover. Worse yet, when it topped at $10,100, it printed a high lower than February’s $10,500 high, indicating that Bitcoin remains in a macro bear market despite the over 150% rally from March’s $3,700 lows.

Yet a key technical indicator, one prominent cryptocurrency ...

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