Bitcoin is showing resilience, but the market remains cautious. While major liquidity events like the SpaceX IPO briefly shifted investor attention and improved risk sentiment, on-chain data tells a deeper story. Nearly 21,000 BTC left exchanges this week, signaling that long-term positioning is still in play despite lingering selling pressure. As BTC rebounds from recent lows, the battle between accumulation and distribution continues. The next move may depend less on headlines and more on whether conviction returns to the market.
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