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Bitcoin’s (BTC) Latest Rally To Face Strong Resistance Before $46K

Bitcoin’s (BTC) latest rally saw the world’s largest token jump nearly 7% in seven days and briefly pass $45,000- an over one-month high. But recent data suggests that short-term profit taking may stifle the token’s advance to beyond $46,000.
Sentiment towards BTC had improved over the past two weeks following several indications of increasing adoption. A Russian minister said the country could possibly accept Bitcoin for its energy shipments, as it faces increasing restrictions from the West.
Major Wall Street banks were seen leaning further into institutional crypto, while reports said  oil and gas giant Exxon Mobil was considering using excess energy to mine crypto.
But Bitcoin’s strong run could attract some profit taking, which is expected to provide resistance in the near-term.
Short-term holders provide bearish cues
Data from blockchain research platform Glassnode shows the next major resistance level for BTC is at $45,900- the realized price for short-term holders. Spe

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