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Bitcoin Price Prediction: BTC Bounces Back After Hitting 38.2% Fibonacci Retracement

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The price of Bitcoin (BTC) has experienced a significant rebound after reaching the key 38.2% Fibonacci retracement level. This technical level acted as a strong support, triggering a bullish momentum in the market.

Bitcoin has shown resilience and recovered from the recent pullback, indicating a potential upward trend continuation. In this Bitcoin price prediction, we will analyze the current price action and explore the potential scenarios for Bitcoin's price in the near term.Unexpectedly positive GDP and unemployment numbers were released by the United States, but cryptocurrency investors focused more on the debt ceiling talks.Debt limit worries are undoubtedly impacting Bitcoin and cryptocurrencies in general.

The stalemate of the US government’s debt ceiling talks will pave the way to whether it can pay its debts in June. On Thursday, White House and Republican lawmakers reported some progress being made in the talks; however, an agreement to avert the government default is still not taken.

Market participants are eagerly awaiting any hint to take decision accordingly.Popular consumer Bitcoin service, Bottlepay, has announced its closure on Monday, July 24, 2023, prompting customers to withdraw their bitcoins.

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