Bitcoin’s bullish momentum has continued over the past weekend. It is now above $90,000. Bitcoin continues to impress investors as its trajectory is on the rise. This landmark shows Bitcoin’s strength. As Bitcoin moves closer to a new high, the market is buzzing. Recent on-chain data, however, suggests that there could be a pullback on the horizon.
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CryptoQuant’s key data shows that Bitcoin miners sold more than 3,000 BTC over the last 48 hours. Profit-taking from miners is a common sign of a cooling market, because it adds more supply. The selling is common during strong periods in the market, but it may lead to a consolidation period below the recent high price of $93,400.
Even though this is the case, Bitcoin’s ability to hold above $90,000 highlights strong underlying demand A robust and positive market mood. Analysts and investors are watching closely to see whether Bitcoin is able to absorb the selling pressure in order for it maintain its upward trajectory.
Bitcoin looks very strong
Bitcoin has maintained a strong price movement, with multiple all-time records being broken in the last 11 days. This confirms its bullish trend. The market has entered a phase of consolidation after an upwards movement so aggressive.
Crypto analyst Ali Martinez shared key data on X It is worth noting that Bitcoin miner have sold approximately 273 million dollars’ worth of BTCs in the last 48-hour period. The selling suggests that long-term investors, who are typically miners, have taken profits during the recent rise. This is common in strong bull markets and indicates that participants expect a temporary price plateau.
The market is used to miners selling, but sustained behavior of this type could be a sign of a changing sentiment. Selling pressure could push Bitcoin into lower demand zones and provide re-entry options for investors who have been sidelined.
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Bitcoin’s capacity to absorb the selling pressure is what will ultimately determine whether this bullish market trend stays intact. The market may benefit from a short consolidation period, as it will help to strengthen the foundations for the future. Investors are watching the key levels closely to determine if there is a chance of continued growth, or even a more severe correction.
BTC Continues to Hold Above $90,000.
Bitcoin currently trades at $90 600 after an extremely volatile week that saw the price fluctuate between its highest ever level of $93,483 to a low local of $86,600. After a bullish surge that broke records, investors and analysts are watching closely the next move.
Bitcoin remains strong despite the recent cooldown, thanks to increasing demand and an overall bullish mood. Bitcoin’s price could rise again in the coming days if it can stay above $86,000. This would allow for a new surge that may challenge or even surpass the all-time record. Market resilience has been evident, as new demand continues to grow even when minor profits are taken.
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There is the risk that the retracement will be deeper. Bitcoin would most likely try lower demand levels if it loses support above $86,000. It will then look for a firm base that can fuel the next uptrend. Support zones that are important could be the basis for a new buying phase and rekindle interest in Bitcoin.
Chart from TradingView, a chart by Dall-E.
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Source: www.newsbtc.com
