Bitcoin buyers show ‘renewed conviction’ with BTC price push toward $79K

Bitcoin reached multi-month highs at $79,000 as bulls regained control and exchange reserves tightened, signaling buyers returning and reduced sell pressure.

Bitcoin (BTC) rallied past $79,000 during the New York trading session on Wednesday as buying pressure strengthened. Meanwhile, BTC supply on exchanges continues to drop, reducing sell-pressure, a new analysis said.

Key takeaways:

Bitcoin price taps $79,000 as onchain data shows signs of returning demand. 

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