Bitcoin fell 12% over the past month and traded around $73,400, weighed down by higher-than-expected US inflation, a political shift in the United States and waning interest in risk assets. Analyst Merlijn The Trader says BTC is about to form a golden cross on the three-day chart, with the short-term trend overtaking the long-term trend, a signal that has historically preceded strong rallies. Friedrich said a clean close above $75,600 would confirm a bullish deviation and could quickly push bitcoin toward $103,000, while a failure could send the price back to $60,000-$65,000. In contrast, large investors sold more than 34,000 BTC in one week, worth roughly $2.6 billion, and the amount of bitcoin held on exchanges reached a two-week high of about 2.863 million, indicating increased immediate selling pressure.
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