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Summary

Bitcoin price has dropped by 6% in the last week, currently trading at $65,516, with indicators showing selling pressure.

Introduction

Bitcoin, the leading cryptocurrency, has experienced a decrease in active addresses and network activity, possibly influenced by regulatory concerns and shifting investor focus.

Main Points

The decline in Bitcoin’s active address count and network activity, along with market sentiment, has led to a fluctuation in price between $69K-$65K. Despite a recent dip in value, trading volume has increased significantly.

The daily Relative Strength Index (RSI) and Exponential Moving Average (EMA) are indicating selling pressure, with potential resistance levels at $68,320 and $69,856 if bullish momentum continues.

Conversely, if bearish sentiment takes over, support levels are projected at $64,125 and $63K-62K, with a further drop potentially reaching $61,067.

Conclusion

The future of Bitcoin’s price remains uncertain as market dynamics and investor sentiment play crucial roles. Analysts are closely monitoring the situation to determine if an Altcoin season is on the horizon.

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