Bitcoin's metrics revealed that larger whales added to their BTC holdings and active sales were reduced. Are these factors enough?
On top of this, the Sahm Rule appeared to confirm economic weakness and opened up the possibility of a recession. This sent the markets into a panic and BTC tumbled lower.
The long-term supply also fell dramatically. This suggested intense profit-taking activity when BTC was trading around the $68k-$70k levels. It pointed to a lack of conviction of a breakout past $70k.
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