The week is ending on a positive note for the cryptocurrency market, which is now showing a semblance of life—”a modest rally”—in several major digital assets. Even with this rally, however, Bitcoin seems to be experiencing rising downside pressure as long-term holders cash out in what appears to be the market’s first profit-taking episode since the price breakthrough earlier this month. With bullish catalysts absent from the scene, can the crypto market avoid a short-term correction? On-chain metrics indicate the formation of critical support zones that could serve as potential floor levels if the sell-off speeds up. At the same
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