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Why one on-chain indicator shows Bitcoin could face heavy resistance at $9,600

Bitcoinโ€™s recent rejection at $10,000 has altered its market structure, despite it being able to maintain some levels of stability within the mid-$9,000 region.

Why one on-chain indicator shows Bitcoin could face heavy resistance at $9,600

Photo by Max Bender on Unsplash

Bitcoinโ€™s recent rejection at $10,000 has altered its market structure, despite it being able to maintain some levels of stability within the mid-$9,000 region.

It now appears that its previous consolidation channel around $9,700 has become a heavy resistance region, and on-chain data shows that this level may not be easily surmounted in the near-term.

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