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Bitcoin gained more than 3.5% on Tuesday but paused near $85,300. Once again, the upside momentum was lost on the approach to the 200-day moving average, which is now above $86,400. This is a case where the lack of growth is setting the stage for a decline. At the same time, we prefer to look at Friday’s employment data rather than tariffs to find the fundamental reasons for the next move. The former is a more reliable source of information.
Crypto News
Several on-chain indicators point to a gradual shift in sentiment, a return to buying and ‘structural strength in the market’, notes Bitcoin Magazine Pro. However, BTC remains ‘closely tied to macro liquidity trends and equity markets’.
Cycle tops occur every four years in November-December. There is scope for the pattern to repeat itself this year, with Bitcoin rising to $150,000, the Cyclop analyst expects.
Tether, which issues the USDT stablecoin, bought 8,888 BTC for $734 million, bringing its reserves to 92,646 BTC. In line with its strategy, Tether adds to its reserves at the end of each quarter.
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