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Crypto

Bitcoin Correction Looms as Institutions Sell Off

Guavy AI Editorial Team
Instruments
BTC
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Bitcoin's five-day rally has been impressive, with its price surging past $79,000. However, this upward momentum was met with significant selling pressure from institutions like Jump Crypto and a large whale, resulting in over $647 million in long liquidations.

This selling pressure caused Bitcoin's price to retrace to around $77,000, losing some gains and signaling a potential market correction.

Technical indicators such as the RSI and MACD suggest that Bitcoin is overbought and cooling off, with large sell orders stacked near $79K-$80K.

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