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Are Bitcoin Bulls Preparing to Break $74,000? Here’s What On-chain Data Says

At spot rates, Bitcoin is resilient, soaking in selling pressure and bouncing off the 20-day moving average, as evident in the daily chart. As BTC floats above $69,000, it appears that bulls are preparing for even more gains in the days ahead.

For now, BTC has a strong rejection at $72,000. However, if this level is broken, the coin might easily break all-time highs and chart to fresh territory in Q2 2024.