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Bitcoin's price is struggling to hold on to the $30,000 level and investors are worried if the bears will take control. BlackRock CEO Larry Fink stated that Bitcoin is an international asset and could play a role in the digitization of gold. It seems that the vast majority of BTC holders are in a profitable position and most of the weekly trades are done. However, BTC's long/short ratio is still in a stabilizing position.
BTC's rise to $31,000 indicates that some investors are closing their positions to make a profit. The Relative Strength Index (RSI) and Money Flow Index (MFI) indicate selling pressure. Also, the stock market net flow of BTC is recorded in the negative direction, that is, in the upstream direction. This indicates that BTC's price correction may continue. However, it is stated that the situation may change with the buying pressure or the change in the stock market net flow.
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