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Bitcoin has been fluctuating in a range for several days, finally choosing a direction yesterday and continuously hitting new highs. This strong surge must be making the market sentiment uncomfortable. Actually, we also have to thank the market makers; it is their relentless effort in pushing the price that has given the bulls the momentum, making the rally so powerful.
After reaching a new high of 78,300, Bitcoin formed a high pullback candlestick, indicating significant resistance above. Subsequently, the price retreated, falling below the support level of 77,375. A sharp rise followed by a