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Bitcoin Price May Face Bearish Reversal to $5,500 Area Through Long Squeeze: Analysts

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  • Yuri Molchan
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    Crypto analysts are warning that the Bitcoin price may now be re-entering a bearish trend and could face a massive decline

Bitcoin Price May Face Bearish Reversal to $5,500 Area Through Long Squeeze: Analysts
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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With the Bitcoin halving less than half-a-year ahead, Bitcoin is holding in the $7,300 area at the moment.

Even though a few days ago it managed to come close to the $8,000 mark, now analysts are tweeting that things may turn bearish here.

‘BTC price signaled a bearish inside-bar’

The analyst @BitcoinEinstein warns that after the price closed below the inside-bar support (at the $7,452 level) it is now highly likely that BTC will resume a bearish trend and will be targeting the $5,500 area.

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‘Is BTC setting up for a long squeeze’?

Crypto analyst @themooncarl writes that on Bitfinex a quick stacking up of BTC longs is visible and it is about to reach an all-time high. He believes that Bitcoin could be preparing for a long squeeze, which means further selling and a massive price drop.

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Bitcoin may surge after the drop

However, in the comment thread one user reckons that after BTC makes a bearish reverse, a price surge may follow.

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years

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  • Yuri Molchan
    📰 News

    The Whale Alert account reports that nearly 89,000 ETH was wired to Poloniex from a wallet that had remained inactive since April 2018

$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years
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On Friday, the Twitter account Whale Alert that tracks large movements of crypto on the blockchain, spotted nearly 89,000 ETH (that’s around $13 mln in Ethereum) sent to the Poloniex exchange.

The account points out that the wallet which sent the money had been inactive since April 1 last year. No one has used it for nearly two years, apparently, waiting for the crypto winter to be over and hoping for a price surge afterwards.

One of the possible reasons of this wallet becoming active again is the Ethereum hard fork Istanbul which is about to happen today, on December 7, at block 9069000.

Very often the price of an asset goes up after a major upgrade (the Istanbul hard fork will not cause an appearance of a separate coin as it was with Ethereum Classic).

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Earlier, U.Today reported that the South Korean exchange Upbit suffered from a hacker's attack and lost around $50 mln in Ethereum. Whale Alert on Twitter has recently published data about $37 mln stolen from Upbit that was moved by the hacker from one wallet to another.

The head of Binance, CZ, has promised that all funds stolen from Upbit that would end up on Binance would be immediately frozen.

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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