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Why Bitcoin Price Running into Strong Resistance at $23k is Probably a Healthy Prelude to the Next Pump

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On January 22, the leading cryptocurrency, Bitcoin, is trading sideways, with the price remaining within a limited range of $22,500 to $23,350.

Bitcoin witnessed a strong rise, which might be attributed to whale activity, public buying, and cryptocurrency's ability to disrupt financial systems.After a long period of turbulence, the crypto market's stability has returned, and many people are now optimistic about the coin's future.According to Santiment, the majority of the $1 billion+ accumulation over the last 15 days came from 1-1000 BTC transactions.

Furthermore, whales with 1000 - 10,000 BTC holdings accounted for 83% of the accumulation.According to GlassNode data, the amount of bitcoin held or lost is at a 5-year high.

This demonstrates that the price of bitcoin, in particular, has risen dramatically in recent weeks and months. This is also demonstrated by the fact that leverage has decreased.

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