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BTC and altcoins flashed a few bullish signals today, but traders say $38,000 is still the level Bitcoin needs to close above before a reversal can begin.

Bitcoin (BTC) and several altcoins have bounced off their immediate support levels after buyers attempted to arrest the current decline. Bloomberg Senior Commodity Strategist Mike McGlone highlighted in a recent Tweet that Bitcoin was trading roughly 20% below its 50-week moving average and such discounted levels have “often resulted in good price support.”

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