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Bitcoin rally faces profit-taking risk
The Block·
Bitcoin's recent surge past $76,000 is now encountering increased profit-taking pressure, according to CryptoQuant. On-chain data reveals a significant uptick in Bitcoin inflows to exchanges, suggesting that large holders are moving their assets to potentially sell. This trend, coupled with Bitcoin testing a key resistance level around $76,800, indicates a heightened probability of near-term selling activity. Factors contributing to the rally included undervaluation, a temporary de-escalation of geopolitical tensions, and a weaker U.S. dollar, but these may not be enough to sustain the upward momentum against the current selling pressure.
Tickers
$BTC-USD
Tags
crypto
fintech
markets
Original Source
The Block — theblock.co