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Bitcoin's price pullback has gathered steam in the last 24 hours, erasing a major portion of the cryptocurrency's recent gains.
Bitcoin's three-day range play has ended with a bear victory. Now prices could visit deeper support at $8,200.
A key on-chain metric has witnessed solid growth over the past 12 months, possibly indicating steady accumulation of bitcoins by retail traders.
Bitcoin continues to defend key support, but a sustained move above $8,750 is needed to revive the short-term bull case.
Bitcoin's case for a rally to $10,000 over the next few weeks looks stronger with the weekly MACD histogram about to turn bullish for the first time in five months.
Open interest in bitcoin futures listed on the Chicago Mercantile Exchange (CME) have doubled in the first few days of the year, as noted by data analytics firm Skew.
Bitcoin's dramatic overnight fall from $9,200 is telling a tale of buyer exhaustion.
Rewards received by bitcoin miners form a major chunk of the salaries paid across major proof of work (PoW) blockchains, according to Yassine Elmandjra, a cryptocurrency analyst from ARK Invest.
Bitcoin's bulls are showing signs of exhaustion, having engineered a speedy rally to $8,900.