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From the $8,800 lows seen on Thursday, Bitcoin has registered a healthy rebound, recently retaking $9,200.

While this bounce off the lows has made many traders optimistic, the cryptocurrency remains on the edge of a cliff, a new analysis suggests. Thatâ€™s to say, should prices fall or stagnate from here, BTC may find itself in a serious downtrend.

Bitcoin Must Hold Low-$9,000s

For the past eight weeks, Bitcoin has been in an uptrend from the $3,700 capitulation lows experienced in March. But with the ongoing stagnation in the low-$9,000s, a top analyst has begun to question the efficacy of the bull trend.

â€œSteady, reliable trendâ€¦ they all break down sooner or later. This oneâ€™s showing subtle signs of weakness creeping into the HTFâ€™s,â€ he wrote in reference to the chart below, which shows that Bitcoin is about to break below a key trend indicator, which supported the uptrend over the past two months.

Bitcoin price chart from crypto trader Stackin' Bits (@Stackinbits on Twitter).

Bitcoin price chart from crypto trader Stackinâ€™ Bits (@Stackinbits on Twitter). The chart shows that the cryptocurrency is on the verge of losing a key support level.

The level that Bitcoin must hold, according to the indicator is ~$9,100, as it would confirm that the medium-term market structure remains bullish.

Bullish Factors Remain

Fortunately for bulls, there is a confluence of fundamental and on-chain factors suggesting that Bitcoin will rally out of its stagnation over the coming days, thereby maintaining the bull trend.14 BTC & 30,000 Free Spins for every player, only in mBitcasinoâ€™s Crypto Spring Journey! Play Now!

Just this week, Bitcoin registered a textbook bullish signal: a golden cross.

As Investopedia describes, a golden cross is a â€œcandlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average.â€ In this case, BTCâ€™s 50-day simple moving

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