Bitcoin is Facing Profit-Taking Selling Pressure from the Institutional Investors
Bitcoin’s price has dropped below $35,000, the psychological support level, and kept sliding in price during the past few days as it faces the profit-taking sell-off pressure from institutional investors. However, according to data from Glassnode, “liquid” Bitcoin wallets have shed 270,000 BTC over the past month, up from 175,000 Bitcoin at the start of January. Therefore, Bitcoin still remains bullish in the long term but consolidation in the coming trading days.
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