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Bitcoin has hit resistance in its attempt to reclaim the psychologically important US$60,000 level, with one analyst warning another selloff could be brewing.
After trading as high as nearly $59,900 around 4am AEDT, BTC slipped well under US$59,000 as the weekly close at 11am AEDT (midnight UTC) approached.
A little after noon, the original cryptocurrency was trading for just above $58,000, down 2.3 per cent from yesterday.
“I still do think there’s a higher probability for lower prices in the coming days/weeks,” wrote Bitcoin Charts before the close, noting Bitcoin was showing signs of bullish exhaustion and had lost a couple of support levels.
Ethereum was changing hands for US$4,222, down 3.9 per cent from yesterday.
Crypto market down 2.5%
Overall the crypto market stood at US$2.58 trillion, down 2.49 per cent from 24 hours ago.
All of the top 20 coins were down except Solana, Avalanche and the Crypto.com Coin. SOL and AVAX were both up around four per cent, to US$2224 and US$133, respectively, while CRO had pumped 23 per cent to 70c.
Earlier this morning it had hit an all-time high of 79c, up from around 20c at the start of the month.
The crypto has been on a tear since buying the naming rights to the Los Angeles arena formerly known as the Staples Center, where the Clippers and Clippers play.
I think it’s the BULL-ish news from The naming rights. All newcomers need to buy $CRO to take advantage of the ecosystem (eg buy enough $CRO to stake for 6 months for a free credit card). That buying pressure alone is enough to sustain high buying pressure
— Pharmlord
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