Bitcoin bulls attempted to initiate a recovery, but were met with heavy selling pressure near $107,000. A similar fate awaited most altcoins, which sold off from their respective resistance levels.
Bitcoin (BTC) bulls pushed the price above $105,000 on Wednesday, but the bears pounced on the rally and pulled the price below $102,000. That shows the bears are not willing to relinquish their advantage.
Morgan Stanley Wealth Management investment strategist Denny Galindo has turned cautious on the BTC rally. In a podcast episode titled Crypto Goes Mainstream, he said that BTC’s price cycle was in the “fall season,” where one should book profits before winter sets in.
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