Bitcoin Shows Resilience Amid Economic Uncertainty
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Despite facing bearish pressure from weak US economic data, Bitcoin demonstrates underlying strength through key technical indicators. The recovering hashrate suggests improved network security and miner confidence, while new onchain security protocols enhance the blockchain's fundamental robustness. These developments create a foundation for potential upward movement.
Analysts note that approximately $600 million in bearish liquidations remain at risk, which could trigger a short squeeze and accelerate buying momentum. This technical setup, combined with improving fundamentals, raises the possibility of Bitcoin testing the $70,000 resistance level in the near term. Market participants should monitor these onchain metrics alongside broader macroeconomic signals.
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