Bitcoin faced selling pressure and struggles to surpass $72,000, with short derivatives positions accumulating, while analysts expect an upward break towards new highs.
Soft U.S. economic data, rate cuts could foreshadow dovish a Fed meeting next week.
Well-followed market analyst Skew noted concerted spot selling activity on crypto exchanges Binance and Coinbase, and a simultaneous built-up of short perpetual futures positions on derivatives marketplaces, weighing on prices.
#bitcoin-price-movement #cryptocurrency-market-analysis #central-bank-rate-cuts #crypto-derivatives-trading #market-trends
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