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Bitcoin Slump Not a Decisive Breakdown, Analyst Says.

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Source: marketwatch.com Mark DeCambre 3-4 minutes Bitcoin was under fresh selling pressure Tuesday, dragging the world’s No. 1 cryptocurrency to lows not seen since late May. At least one technical analyst, though, says the slump doesn’t represent a decisive breakdown of the bitcoin uptrend unless and until the asset registers weaker closes today and tomorrow. “Short-term momentum has deteriorated, but not to the degree with which we have a ‘sell’ signal (in the daily MACD),” Katie Stockton, technical analyst and founder Fairlead Strategies, told MarketWatch, referring to the moving average convergence divergence, a measure of momentum in an asset. “A close above the 20-day [moving average] would be a bullish short-term development,” the analyst said. At last check, bitcoin BTCUSD, -6.70% was trading at $32,850.88, down over 10%, on CoinDesk. The crypto is up over 13% in 2021