Investors are anticipating a potential breakout for Bitcoin, despite a lack of macroeconomic triggers this week. Traders are closely monitoring the 200-week moving average as a key support line and various support structures on daily timeframes.
However, the strength of the US dollar is forming a potential headwind for Bitcoin and crypto, with the dollar index gaining around 3.5% since the start of May. Large Bitcoin holders with over 10,000 BTC are accumulating more while other groups are reducing their exposure, creating a dichotomy in investor sentiment, according to Glassnode.
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