The downdraft in Bitcoin this week sees it break into a potential new trading range. It sliced straight through support at 9,050 and the MACD shows negative momentum. The low at 8,050 may act as support, but any breach at this level could bring a test of the longer term support around 7,400. The higher volatility of crypto markets means no scenario can be ruled out. A turn and break back up through 9,050 would be bullish from a technical point of view.

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