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Bitcoin Consolidates Into $3,500-$3,700 Range

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Another week is coming to end in cryptocurrency market, during which Bitcoin has been consolidating into a trading range of $3,500 to $3,700 after a big drop in value in the previous week.

The world's largest cryptocurrency by market capitalization, BTC climbed above the psychological $4,000 mark last week, and reached its highest point this year-$4063-on January 9.

Then, it suffered a sharp downfall from that point within hours, the biggest single-day decline since November 24, and has never been able to recover since then.

Surprisingly, it took only just two days for the digital currency to reach its lowest price of the year - $3506 - from the highest point, a loss of 14 percent in value.

A notable difference from the recent past is that BItcoin passed through comparatively less volatility in the past week.

On a 7-day scale, Bitcoin price remains the same where it was last Friday, after behaving in a bearish way.

BTC not falling below the psychological support of $3,500 for the last eight days brightens the prospect of a comeback above $3,700.

A lull in sell-off in the bear market could lead to a re-test of $4,000, analysts say.

However, the long-term technical charts point toward the bears. As of writing, BTC is changing hands at $3,603 on Coinbase.

Most other top crypto currencies were in the bearish zone in the past week reportedly due to a strong sense of uncertainty.

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