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Bitcoin holds near key support as selling pressure eases
Bitcoin is currently trading at $59,200, struggling to recover after a sharp decline from recent highs around $63,000. The 1-hour timeframe shows that Bitcoin has found some short-term stability near the $59,000 level, but is still hovering just above a critical support at $57,750, which has been tested multiple times over the past few days.
The recent downtrend has been exacerbated by broader market concerns, including regulatory uncertainties and profit-taking from the previous rally. However, the 20-period moving average, currently at $59,661, is starting to flatten, suggesting that the selling momentum may be slowing down. Traders are now closely watching the $57,750 support level, as a break below could lead to further declines, while a successful hold might spark a rebound.
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