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Bitcoin Has Broken Above $10,000, One Metric Suggests The Price Rally Could Slow

Emily Mason

Summary: Bitcoin has recently broken above a months-long resistance level at the $10,000 level, but one metric suggests the currency's rally may be temporary. The inflow of Bitcoin to exchanges jumped by 61,069 BTC on Monday, the largest single day rise in 134 days, according to data from Chainanalysis. This data suggests that as the currency rallied ...

Bitcoin has recently broken above a months-long resistance level at the $10,000 level, but one metric suggests the currency's rally may be temporary.

The inflow of Bitcoin to exchanges jumped by 61,069 BTC on Monday, the largest single day rise in 134 days, according to data from Chainanalysis. This data suggests that as the currency rallied investors were moving their BTC on to exchanges, which means they could be looking to sell for a profit as BTC hits new price highs. 

Investors will have to see if Bitcoin bulls will absorb the selling pressure and keep the rally going. At the time of writing Bitcoin is trading at $11,137. 

By Emily Mason

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