Bitcoin support zone
Bitcoin is currently trading at $84,722.97, reflecting a decline of 2.2% as institutional deleveraging exerts downward pressure on $BTC. This situation has pushed Bitcoin below significant moving averages. The cryptocurrency is now testing the crucial support zone around $80,600, which was established earlier this week. The ongoing deleveraging by institutional investors has raised concerns about Bitcoin’s stability and potential price movement. Market participants are closely monitoring this support level to gauge future trends.
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