Bitcoin has experienced a surge in popularity. uptrend In a report published on Friday, Coinbase analysts revealed that despite the price rising by 12.6% over the last week and trading above $66,000 it could still be limited in its growth due to a number of factors. “increasing sell orders”You can find the latest exchange rates here.
The report, the recent appreciation in Bitcoin’s value has tempted many traders to capitalize by selling, which could curb further gains.
Bitcoin: What happens if a Wall is built?
This report, which analyzes the market’s overall picture, was compiled by Coinbase researchers David Duong and David Han. The researchers noted that the number of sell orders on Coinbase has been increasing within a range between 5% and 10% of mid-price. This indicates a desire to avoid seeing this price rise. higher prices For the digital currency.
The market may be cooling off from its recent highs, as traders reposition themselves in light of current conditions and take their profits.
Duong and Han
There may be some profit-taking at current levels, or a greater willingness of market participants to sell on price appreciation. This could limit the price movement to the upside.
Such activities are essential market sentiment indicators that could influence Bitcoin’s short-term value. Duong and Han cite data from Arkham Intelligence in their analysis. This highlights external factors which are contributing to sell-side pressure.
The ongoing Mt. The ongoing repayments of Mt. Mt. The Mt. considerable amount of BTCThe market is now more uncertain and under potential pressure from the sell side.
Nevertheless, positive factors could help offset the increase in demand for selling. US politics is among the factors that are most important.
The report states that the U.S. politics changed dramatically in July. This resulted in the significant depreciation (more than 2%) of the US Dollar.
A weaker US dollar will have a negative impact on the price of Bitcoin. higher relative value Bitcoin, which could provide some protection against the pressures of increased selling orders.
More Roadblocks on Horizon
Coinbase has released a report which indicates that Coinbase is not the only cryptocurrency to be affected by an impending correction Perter Brandt, a legendary cryptocurrency trader has recently also made a recent Bitcoin purchase. shared Top cryptos have a significant concern.
Brandt reveals that he’s a while “impressed” by Bitcoin’s upward trajectory so far, “the sequence of lower highs and lower lows continues despite the halving, despite the [exchange-traded fund] ETf, despite the hype.”
The statement indicates a worrying trend in Bitcoin. It shows that the asset has not broken through its range but instead, continues to make lower highs, and lower lows.
Bitcoin is currently trading at $66,447. This represents a rise of 3.9% from the previous 24 hour low of $63,229, which was reached by Bitcoin.
Chart created by TradingView, DALL-E.
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Source: www.newsbtc.com
