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Bitcoin Monitor: Profitability Thresholds Hit
On balance, long-term and short-term bitcoin holders who are currently selling are now doing so at a profit for the first time in months, thanks to bitcoin's recent rally to multi-month highs. Clearing such a psychologically important hurdle is generally considered a bullish development. But there's plenty of resistance overhead, including the 200-day moving average, short positioning, and an average cost basis for investors in exchange-traded products (ETPs) of about $83,000. Whether bitcoin clears that resistance may depend on the extent to which traders and investors who now hold positions—including many who ... (full story)
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