Short-term profit-taking pushes Bitcoin back below key $70K level – What next?
Bitcoin retreated below the key $70,000 level due to significant profit-taking activity from short-term holders, who sent 27,500 BTC to exchanges. Despite a recent rally to $74,050, market sentiment remains weak, as indicated by negative Coinbase Premium Index and Bull Score data. Analysts note that long-term holders may also increase selling pressure, though they remain profitable with a cost basis around $39,800. While a potential rally toward $83,000–$89,000 is possible to trigger short liquidations, high volatility and weak conviction suggest further downside risk. The short-term holder realized price sits at $68,000, which may serve as a potential support level in the near term.
ambcrypto19 ч. назад