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Bitcoin up 5.7%, experts raise possibility of 'fake breakout'
Source: BlockMedia
Original Title: Bitcoin Rises 5.7%, But Possibility of “Fake Breakout” Raised
Original Link: https://www.blockmedia.co.kr/archives/1014678
On the 3rd, Bitcoin rose by around 5.7%, marking its fifth-highest daily return this year, but some experts are debating whether this rally signals the start of a sustained trend reversal.
According to recent reports, an analyst from a cryptocurrency trading platform explained, “On December 3, the crypto market saw Bitcoin briefly break through $93,000 before quickly giving back its gains, showing a temporary ‘fake breakout’ pattern.” The analyst added, “Currently, Bitcoin is in a short-term confusing correction phase, and the market is watching to see if it will stabilize within the support range between $90,000 and $91,000.”
According to market data, in the early hours of the 4th, Bitcoin’s price is fluctuating between $92,000 and $93,000.