Bitcoin Teases Bull Move After Defense of Key Price Support

Bitcoin could be in for a recovery rally, having defended a key support level over the weekend.

The leading cryptocurrency has been looking bearish over the last week. It suffered an ascending channel breakdown on Nov. 7, suggesting a temporary top had been created at $6,540, while the moving averages rolled over in favor of the bears a day later.

As a result, BTC looked likely to drop below the support of the trendline connecting the Oct. 11 and Oct. 31 lows, and move toward $6,200 over the weekend.

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