Bitcoin is trading near $62,800, a key level at the lower edge of the Ichimoku cloud on technical charts.
A break below this point would push prices under the cloud, which is seen as a bearish signal for the market.
The Ichimoku cloud is a technical analysis tool created by Japanese journalist Goichi Hosoda and published in the 1960s. It helps traders quickly spot trends, support, resistance, and momentum through a shaded area on the chart.
Crossovers above and below the cloud are said to represent bullish and bearish trend reversals.
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