1 month ago
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Key Takeaways
- Bitcoin must hold its buyer-cost support.
- Large caps have rejoined the move.
- Seven major tokens gained more than 3%.
- Shorts helped, but leverage is rising.
- Demand must outlast the derivatives bounce.
Test 1: Is Bitcoin holding the August recovery floor?
Bitcoin set the direction during August’s advance. For the wider market to continue higher, it first needs to prove that the past week’s range was consolidation rather than the beginning of a deeper reversal.
While trading near $80,900 at the time of writing, Bitcoin found buyers near the $76,350 average cost basis of active investors, according to Bitfinex analysts cited by CoinDesk. That area is useful because it marks where many recent buyers move from feeling trapped near break-even to sitting back in profit.
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