If you look back to when BTC started, we have been registering higher lows every year with the exception of 2015. Last year, BTC registered a low of $28600. The last couple of weeks saw a drop from $47k to $32.6k. Sellers are running out of momentum again and the bulls are staging a reversal again. There's not that much lower that we will go this year round!
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Unfortunately, due to macroeconomic conditions we have broken the supports and this uptrend has been invalidated.