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CryptoWatch: Bitcoin rally stalls as it approaches trade above 200-day moving average

Major cryptocurrency prices were trading marginally lower Wednesday.

After rising as much as 10% on Monday, bitcoin, the world’s largest digital currency, broke out of a triangle formation, which if holds, one analyst said could point to another leg higher, testing another important level.

“This price action—shown on the chart below—was quickly sold-off but did decisively break the downward triangle, and needs to be watched carefully,” wrote Nick Cawley, markets analyst at Daily FX. “If BTC can close above this triangle over the next few sessions, it will indicate renewed bullish sentiment that could push the price back to the 200-day moving average and the spike high between $7,200 and $7,300.

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