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CryptoQuant analyst Axel Adler Jr. stated that BTC has re entered the short-term holder cost line of $68200 and surpassed the SMA111 of $67500 and SMA200 of $69000. At present, SMA111 and SMA200 are both below SMA365 at $83200, and the trend reversal has not been confirmed yet. BTC needs to hold in the $68000 to $69000 range and break through the SMA365 resistance level of $83200.