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Bitcoin Approaches Monthly Close – BTC Continues Trading Below $11k

At the moment of writing this article, Bitcoin is trading in the red just like most of the other crypto assets on CMC.

Now, BTC is trading at $10,686.90 and the king coin is down by more than 2% in the past 24 hours.

Bitcoin gets closer to the monthly close

It’s been just revealed that an important trader and crypto analyst said that traders’ gut reaction to Bitcoin’s recent price action might be wrong as the king coin is getting closer to the monthly close.

In a tweet, DonAlt said that the prevailing bearish sentiment for BTC seems to be unwarranted.

“It’s very, very weird seeing sentiment be this bearish, with neutral or negative funding above $10,000. Don’t think I can remember a time where that has happened before.”

He also explained that the recent BTC pullback is actually a strong bullish signal.

He also made sure to tell followers that BTC is outperforming gold.

He said: “SPX and GOLD put in a tiny bounce, BTC put in a huge one. Shows you where the strength is (was apparent even before the breakdown, hence my BTC will outperform comment).”

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