Bitcoin Tests Key Demand Zone Amid Bearish Outlook
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Bitcoin is currently trading within a tight demand zone established earlier in 2024, demonstrating resilience as holders defend this critical price level. This consolidation suggests ongoing accumulation and reduced selling pressure from long-term investors, providing temporary stability in the market.
However, historical bear market analysis from Glassnode indicates this support channel is likely to break, potentially leading to new lows approximately 20% below current levels. Previous cycles show similar patterns where temporary demand zones ultimately fail during prolonged downtrends, suggesting caution is warranted despite current holder resilience.
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