Bitcoin is currently experiencing sideways movement following the recent surge in spot Bitcoin ETF applications. However, analysts believe that this could be a temporary deviation before the cryptocurrency experiences a bullish upside wave.
The key resistance area for BTC is just above the $30,000 mark, and if it can breach this level, it could signal the end of the downside and a hard bottom. Long-term Bitcoin holders have seen a significant increase in their balances, with 14.52 million Bitcoin now in their possession, indicating a risk-taking sentiment in the market.
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