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Crypto

Bitcoin Shatters $70K Barrier as Profit-Taking UTXOs Reach Record Levels

Guavy AI Editorial Team
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BTC
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Bitcoin has broken through its long-standing resistance level of $70,000, trading at $76,522.29 after an 8.9% increase in a single day.

This surge comes as Bitcoin faces a record-breaking profit-taking Unspent Transaction Output (UTXO) movement, according to CryptoQuant.

While this may indicate that investors are taking profits, the current scenario is different from previous times when Bitcoin was at an all-time high.

In contrast, BTC is rebounding from a period of bearishness among short-term investors and can be seen as risk reduction rather than big profit-taking.

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