Rally

Bitcoin

Resistance

when

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-surpasses-key-resistance-level" data-wpel-link="internal">Bitcoin Surpasses Key Resistance Level</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-soars-analysts-from-qcp-capital-alert-traders-to-potential-pullback" data-wpel-link="internal">Bitcoin</a> (BTC), the preeminent cryptocurrency, broke through the $67,000 resistance last week, creating a smaller trading range. This range extended from the $70,500 resistance to the $66,800 support level. On May 27, Bitcoin faced a rejection at the peak of this short-term range.</p> 
<h2 id="what-makes-this-rally-different">What Makes This Rally Different?</h2> 
<p style="text-align: justify">Unlike previous attempts to breach the $70,000 mark, current <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">market conditions</a> favor the bulls. Julio Moreno, CryptoQuant’s research head, noted that the profit margin at present market prices is just 3%, a stark contrast to the 69% margin seen in mid-March when prices were similarly high. This suggests that the consolidation over the past 10 weeks has lessened the selling pressure from profit-driven traders.</p> 
<h2 id="how-are-miners-reacting">How Are Miners Reacting?</h2> 
<p style="text-align: justify">The decrease in high-leverage positions in the futures market has likely cleared the path for a spot-focused uptrend. This shift is encouraging <a href="https://newslinker.co" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">news</a> for investors with a long-term perspective. The miner position index, which measures the ratio of miner output to its one-year moving average, has shown a downward trend, indicating that miners are less inclined to sell their holdings.</p> 
<h2 id="investment-insights">Investment Insights</h2> 
<p style="text-align: justify">Key takeaways for investors based on the current market dynamics:</p> 
<ul style="text-align: justify"> 
 <li>Lower miner selling pressure suggests potential for sustained price growth.</li> 
 <li>Decreased high-leverage futures positions indicate a more stable spot market.</li> 
 <li>Long-term investors may find this a favorable buying opportunity given reduced selling pressure.</li> 
</ul> 
<p style="text-align: justify">The 14-period simple moving average for miner output has hit its lowest point in over four years, further indicating a reluctance among miners to offload their assets. This reluctance to sell, coupled with a declining profit margin, signals a strengthening uptrend for Bitcoin, which remains focused on the spot market. As BTC tests the $70,500 resistance once again, these factors collectively bolster its upward trajectory.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-surpasses-key-resistance-level" data-wpel-link="internal">Bitcoin Surpasses Key Resistance Level</a></h5>

Bitcoin Surpasses Key Resistance Level

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