Short Term Bitcoin holders have flipped from profit-taking mode to loss-taking mode. Many recent top buyers and 'Weaker' hands are selling around their buy-in price and saying "get me out". What we want to see from here is a short, sharp dip into the 🟥 zone (to flush out the weak hands), and then see a nice bump back to the 🟩 zone. This confirms the bull trend is still in play. The last time this happened was when we dipped under 100k in June. Didn't last long.
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