Analysis: Bitcoin is facing resistance from the descending trendline, with short-term support in the $84,000-$84,500 range.

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According to CoinDesk analyst Omkar Godbole, Bitcoin's price has been resisted by the downtrend line from its all-time high of $126,000, failing to break through the $90,000 mark and continuing its downward trend from the fourth quarter. Currently, Bitcoin's short-term support level is in the $84,000 to $84,500 range; a break below this level could test the November low of $80,000. The analysis indicates that only a break above this trendline resistance could allow Bitcoin to return to an upward trend, potentially targeting $100,000.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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