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Uyen Nguyen
@uyennguyen
Macro tailwind crucial for bitcoin during historically soft start to Q3, analysts say started its softest quarter of the year with no obvious macro upside spark after Federal Reserve Chair Jerome Powell’s hawkish tone and Israel-Iran tension locked the market in an accumulation range, Bitfinex analysts wrote in their latest market note. Analysts said spot demand on exchanges and onchain activity have cooled markedly since last month’s war-driven whipsaw. A previous report from Glassnode likened bitcoin's onchain movements to a ghost town. BTC remained hemmed between $100,000 and $110,000, while short-term holders’ average cost at $98,700 caps near-term downside.
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