Bitcoin Poised for Recovery After Flushing Out Overleveraged Traders, According to Analyst
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Bitcoin analyst Credible Crypto believes the crypto king is ready for another surge higher after flushing out overleveraged traders.
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Credible Crypto notes open interest and funding have reset to healthy levels as spot market bulls continue accumulating BTC.
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The analyst adds his bullish BTC stance is supported by bearish price action in altcoins, suggesting capital is moving to Bitcoin.
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Credible Crypto says Bitcoin already hit his downside target and looks poised for a recovery bounce.
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At the time of writing, Bitcoin was trading above the analyst's downside target at $35,766, around $36,500.