Bitcoin Just Faced a Dire Rejection at a Key Technical Level; Here’s What This Means

Bitcoin has entered a firm bout of sideways trading in the days following its recent meltdown from highs of $8,000 to lows of $3,500. The rebound that occurred in the time following this intense selloff led the crypto into the lower-$5,000 region, which is where it has been trading at ever since.
It now appears that the recent selloff led the benchmark cryptocurrency to plummet below the lower boundary of a critical support region, with its retest of this level leading to a grave rejection.
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