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    Bitcoin takes a deep breath; support at $37K-$40K

    Bitcoin (BTC), which has pulled back from the $45,000 resistance, could stabilise the down movement with initial support at $40,000

    At press time, the cryptocurrency was trading at $42,200 and has fallen 4% in 24 hours.

    BTC must be kept above the $37,000 threshold in order to maintain the recovery phase. A decisive move above $46,000 could lead to further upside targets towards $50,000 if momentum continues.

    Intraday charts may show signs of downward exhaustion. This could be a signal that it is time to buy short-term into the Asian trading days.

     

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