Stuck at $12K: Bitcoin Price Needs Quick Progress to Avert Further Losses

Stuck in the doldrums today, bitcoin needs a quick break above $12,500 or the tide may turn in favor of the bears, the charts suggest. The price chart analysis says the immediate outlook is neutral and only two consecutive daily closes above $12,500 would improve odds of BTC rallying sharply in line with the historical pattern. Bearish exhaustion below the 100-day moving average, coupled with a close above $11,004 has neutralized the immediate bearish outlook. The bulls need progress soon - specifcally a quick move above $12,500 - or the bears may push BTC below the strong support level of $11,004.
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