(Bloomberg) -- Bitcoin's recovery from a January low of $32,970 is butting up against a trendline that has been hard to break. The trendline stems from the record high of almost $69,000 in November and now also coincides with the 20-day moving average. The world's largest cryptocurrency will likely keep on consolidating around present levels, though “a lot of money on the sideline is ready to pounce” if risk appetite stabilizes, Edward Moya, senior market analyst at Oanda, wrote in a note.
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