BTC Onchain Data Hints at Further Upside
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Bitcoin's on-chain metrics indicate that the recent recovery may have room to continue, despite the $84,000 resistance level posing a potential short-term hurdle. The short-term holder cost basis is approaching $92,000, suggesting that if BTC can break through current resistance, a move toward that level could be on the horizon. However, traders should monitor the $84,000 zone closely, as a failure to clear it might delay the bullish momentum and lead to consolidation. Overall, the data supports a cautiously optimistic outlook for Bitcoin in the near term.
Read full article on CoinTelegraph
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