Bitcoin would make a new high if it can hold above $50k


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Bitcoin (BTC) dropped more than 15% in the last two weeks. The cryptocurrency hits a fresh all-time high of above 68,000 this month. At the time of writing, $BTCUSD is trading below the $60000 psychological level.

The recent bearish sentiment started after the U.S. Securities and Exchange Commission rejected a Bitcoin spot ETF and the US recently implemented the infrastructure bill to include crypto activities within the regulatory scope of the Internal Revenue Service (IRS).

Technically the overall momentum remains mixed after the pair witnessed sustained downside pressure over the past 2 weeks.

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