Bitcoin Dips Below $76K on Mixed Market Signals
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Bitcoin failed to break $80K resistance amid weak onchain fundamentals, but rising spot CVD could support a recovery.
Bitcoin (BTC) fell below $76,000 on Tuesday after failing to break $80,000 as uncertainties surrounding the reopening of the Strait of Hormuz and macroeconomic conditions unnerved the market. Meanwhile, technicals and onchain data sent mixed signals on BTC’s ability to sustain the recovery.
Bitcoin is trapped in a tight range with strong technical support at $75,500 and heavy resistance near $80,000.
Bitcoin’s onchain metrics are mixed, with buy pressure rising but spot volume and active addresses declining.
Bitcoin price is sandwiched between two key levels
Bitcoin’s 30% recovery from sub-$60,000 lows reached on Feb. 6 was stopped by selling around the $78,000-$80,000 supply zone.
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