Bitcoin Buyers in Control, but Key Level Must Break

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Bitcoin analysts said buyers were regaining control, but reclaiming $78,000 as support was key to reversing the overall downtrend.

Market analysts say Bitcoin (BTC) is in a relief rally after its 17% recovery from multi-year lows below $60,000, but the $78,000 level is key to reversing the broader downtrend.

Bitcoin price is up 17% from sub-$60,000 lows as onchain data shows signs of returning demand.

BTC price resistance around $78,000 must be broken to end the downtrend.


Bitcoin buyers are returning
Bitcoin’s net taker volume suggests buyers are stepping in as demand for BTC derivatives returned, data from CryptoQuant shows. 

Net taker volume, a metric that measures the imbalance between aggressive buyers and sellers in derivatives markets, has remained positive since the US and Israel-Iran war began.

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