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Bitcoin Pauses at Key Resistance

Bitcoin's price is flirting with key resistance on the technical charts and could either break higher towards $17,000 or dip once more below the $10,000 mark.
Having clocked a high of $11,599 earlier today, bitcoin is now trading at $11,473, according to CoinDesk's Bitcoin Price Index (BPI). While the cryptocurrency has spent the better part of the last 42 hours above $11,000, a convincing break above the key resistance level of $11,600 (inverse head-and-shoulders neckline) has remained elusive amid lighter trading volumes.
Twenty four-hour trading volume stands at $6.17 billion today, compared to $7.28 billion seen a week ago. And, notably, although BTC has appreciated by more than 20 percent since the Feb. 25 low of $9,304, volume has hardly increased over the same period.
Sluggish trading volume could be a cause for concern, although an argument could be made that the market has merely normalized as the market euphoria seen in December and early January has faded.

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