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09 October, 2024

Bitcoin (BTC) Price Under Pressure as Old Coins Resurface

09 October, 2024

The Bitcoin market is facing increasing pressure as long-held coins re-enter the market during a period of softening demand. This influx of supply could push prices below the crucial $60,000 level.

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Analysts are closely monitoring the movement of these older coins, which have been dormant for extended periods. As holders decide to sell, they add to the existing supply, potentially creating downward pressure on prices.

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This trend is particularly concerning given the recent slowdown in demand. While Bitcoin remains a popular investment, the fervor of the past few months has cooled somewhat, contributing to a more balanced market.

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Whether Bitcoin will breach the $60,000 support level remains to be seen. However, the re-entry of old coins into the market presents a significant challenge for bulls, who are striving to maintain price stability.