Profit-taking by short-term Bitcoin traders accelerated the BTC drop below $70,000, but spot and futures traders may kickstart a quick recovery.
Bitcoin (BTC) slipped back into its monthly trading range under $70,000 after dropping 5% over the past two days.
Market data points to resistance near the $70,000 level, with onchain flows, futures data and weakening spot volumes signaling renewed selling pressure that limits BTC’s ability to hold this week’s range highs.
Profit-taking from the short-term holders (STHs) accelerated during Bitcoin’s rally above $74,000. Crypto analyst Darkfost said that more than 27,000 BTC in profit moved to exchanges from STH wallets over the past 24 hours.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments