Bitcoin Faces Resistance at $75,000 Amid Exchange Inflows
- The $75,000 level marks the lower band of Bitcoin’s Realized Price, acting as a resistance point.
- Bitcoin tested this level three times in one day but failed to break through.
- On March 16, hourly Bitcoin inflows to exchanges surged to a high of 6,100 BTC.
- Large deposits accounted for over 60% of these inflows, indicating potential selling pressure.
- The Federal Reserve’s upcoming rate decision adds uncertainty to the market environment.
Bitcoin’s struggle at the $75,000 level is compounded by significant exchange inflows and broader financial uncertainties related to Federal Reserve policies. The large volume of deposits suggests traders may be preparing for potential selling activities.
Whether Bitcoin can overcome this resistance depends on whether buyers can absorb the selling pressure and push prices higher. (Source)
