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[Analysis] "Bitcoin, Stronger Buying Pressure Needed for New Highs"

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Doohyun Hwang
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  • "Bitcoin (BTC)" is poised at the 10,000-dollar mark, indicating that stronger buying pressure is needed.
  • The current price of Bitcoin is undergoing adjustments, and the large-scale selling by short-term investors is identified as the cause.
  • To achieve new highs, large-scale buying pressure from both small and institutional investors is emphasized.
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  • The article was summarized using an artificial intelligence-based language model.
  • Due to the nature of the technology, key content in the text may be excluded or different from the facts.

Bitcoin (BTC) is entering a phase of consolidation after reaching the 10,000-dollar mark, and analysts suggest that stronger buying pressure is needed to achieve new highs.

On the 28th (local time), the online data analysis platform CryptoQuant's report by 'caueconomy' stated, "The current buying pressure is favorable for institutional investors. To achieve new highs, a large-scale buying pressure from both small and institutional investors is necessary."

On the other hand, the current price adjustment of Bitcoin is attributed to the large-scale selling by short-term investors. Recently, short-term investors sold approximately 4 billion dollars worth of Bitcoin.

On this day, Bitcoin is trading at 9,560 dollars, down 0.2% from the previous day, in the Binance Tether (USDT) market.

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