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Bitcoin tests $76K resistance as rising exchange inflows signal potential selling pressure

From fxstreet.com

Bitcoin has moved back toward the $76,000 resistance zone, renewing expectations of a short-term recovery after an extended period of bearish pressure. However, a Thursday report from CryptoQuant suggests a more cautious outlook, pointing to a sharp rise in exchange inflows that may indicate large holders are preparing to sell. Hourly Bitcoin inflows to exchanges climbed to roughly 11,000 BTC, the highest level since late December, as prices approached $76,000. CryptoQuant noted that such spikes have historically coincided with increased selling pressure when they occur near key resistance levels. A similar pattern ... (full story)

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  • Category: Fundamental Analysis