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Bitcoin Undergoes Selloff After Breaching $55,000; Breakdown Ahead?

Bitcoin prices dragged lower in the early Wednesday session by daytraders who decided to secure profits following its rally earlier this week.
The flagship cryptocurrency surged to a two-week high above $55,000 as of 0100 UTC, up 13.24 percent from its week-to-date low of $49,238. Traders increased their bids on BTC/USD after the Chinese beauty app Meitu purchased $17.5 million worth of Bitcoin.
Bitcoin is breaking out of a bullish continuation pattern. Source: BTCUSD on TradingView.com
Their upside sentiment strengthened further after Norwegian holding company Aker ASA also announced that it had bought 1,170 BTC as reserves for its new cryptocurrency venture, titled “Seetee AS.”
Also helping the bullish bias, Bitcoin technology solutions provider NYDIG revealed that it had attracted $200 million in a growth capital round led by Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Soros Fund Management, and FS Investments. The investment expects to introduce Bitcoin as an alternative investment asset across multiple sectors, ranging from banking to clean energy.
All-Time High for Bitcoin?
On Wednesday morning, the BTC/USD exchange rate reached $55,861 on US-based crypto exchange Coinbase. A selloff later brought the pair lower to $53,113. But as per leading analysts in the sector, the cryptocurrency has more room to grow as it eyes a retest of its record high above $58,000.
Market analyst Nico expects Bitcoin to retest its technical support level near $52,000 before the cryptocurrency resumes its moves upward. He advised traders to open new long entries—purchasing Bitcoin at its local dips with anticipations that its value increases.
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