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Bitcoin’s (BTC) recent price slide may have legs, according to technical analysis by alternative asset management firm Valkyrie Investments. The leading cryptocurrency by market value has declined by 10% to $26,200 this month – including a slide of nearly 4% over just the past day-plus – thanks in part to renewed bets the Fed will remain hawkish, a recovery in the U.S. dollar index, and lingering U.S. debt ceiling uncertainty. Per Valkyrie, a further decline toward $24,000 may be seen as bitcoin’s daily chart Ichimoku cloud – a momentum indicator – has flipped bearish.
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