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Bitcoin Dips 5% from Last Week’s High, But Strong On-Chain Support Near $100K Signals Potential Rebound
- Bitcoin has corrected about 5% from last week's high, putting 1.27 million addresses in the red.
- On-chain data indicates strong buying activity near the $100,000 mark, suggesting it as a potential support level.
- The $100,000 price level attracts both buyers and sellers, making it a significant psychological benchmark in the market.
- Bitcoin's demand is approaching levels seen in the previous bull market, with daily capital inflows averaging $1.8 billion.
- Investors continue to show significant interest in Bitcoin despite price fluctuations, indicating long-term faith in its value proposition.
- ETF outflows of $359 million suggest temporary profit-taking, though investors remain engaged in Bitcoin-related financial products.
- The recent 5% price decline in Bitcoin is viewed as a healthy correction, with strong support seen from both retail and institutional investors.
- If Bitcoin returns to the $100,000 support zone, it could trigger a new rally, potentially marking the start of the next bull market.
- Despite recent volatility, on-chain data and inflow trends suggest growing confidence in Bitcoin as a reliable digital asset attracting global capital.
- It will be crucial to monitor whether Bitcoin can maintain key levels and move towards new highs or face consolidation in the coming weeks.
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