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🟠BITCOIN RESISTANCE AT $58,375 ANALYSIS

🟠BITCOIN RESISTANCE AT $58,375 ANALYSIS

Day: 09 | Time: 15:54 The price of Bitcoin has encountered resistance near the weekly level of $58,375 over the past three days, currently trading slightly below at around $57,339, marking a 1.12% increase on Tuesday. On-chain data indicates that miners are earning less than the historical average, suggesting reduced profitability or a decrease in selling pressure. Bitcoin spot ETFs recorded inflows of $294.8 million on Tuesday, the highest since June 6. Technical analysis shows signs of bullish divergence from the relative strength index (RSI) and the awesome oscillator (AO), suggesting potential momentum for an upward rally. Meme cryptocurrencies have increased their market capitalization by 8% in the past 24 hours. Bargain hunters are showing up in full force in the cryptocurrency sector. The cryptocurrency market capitalization has risen 3.6% in 24 hours to $2.11 trillion, returning to the top of the range of the past five days. A further 2% increase in the market will be needed before we can say that the bear attack has been repelled. Until then, we can only talk about consolidation after the sell-off.

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