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As BTC tries to establish support above $76,500, on-chain analytics firm Swissblock said a risk gauge tracking market sell pressure has started rising again.
Swissblock said the risk gauge stayed at zero while BTC was climbing but has recently begun moving again, reaching 16. The firm stressed the current reading should be seen as an early warning of potentially increasing sell pressure rather than a sign that market structure has broken down. It added that if the risk gauge remains above 25, it could more clearly signal that sell pressure is spreading across the broader market.