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With Bitcoin price facing a stiff resistance around $62.2K, the chances of a quick reversal are high. This move would further extend the ongoing seven-month consolidation. Regardless of this sideways price action, the long-term outlook for BTC remains bullish. BlackRock, the world’s largest asset manager, explained in a recent conference why owning Bitcoin (BTC) is crucial as the US dollar’s purchasing power has been on a free fall since 1913.
