Bitcoin drops below $80k, Trump rally faces profit-taking pressure

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Crypto界网消息,Bitcoin fell back to $79,512.22 on Wednesday, dropping below $80k as on-chain data shows the market is facing profit-taking pressure. CryptoQuant pointed out that the 37% rebound from the April lows still looks more like a bear market rally rather than a confirmed trend reversal, with profits realized reaching the highest level since December last year, and short-term holders gradually taking profits. Although the rebound has brought traders back into profit, it still appears more like a relief rally rather than a true breakout into a bull market. Singapore market maker Enflux believes that Bitcoin’s breakthrough of $80k was caused by Trump suspending US naval operations related to the Strait of Hormuz, leading to falling oil prices and boosting the stock market. Glassnode also thinks that Bitcoin’s recent movement reflects an early structural recovery, having regained the market average of $78,200 and the short-term holder cost basis of $79,100.

BTC-0.09%
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