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Why Traders Expect Key Fibonacci Level to Drop Bitcoin Price to $5.3K

Since April 7, the Bitcoin price has dropped from $7,325 to sub-$6,600, by more than ten percent. It recovered to $7,150, as traders anticipated a minor upsurge ahead of the weekly candle chart close of BTC on April 12. But, with a sharp rejection, BTC fell to the mid-$6,000s as the new weekly candle opened.

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