Could Bitcoin’s Price Remain Stable Above $60,000 Amid Rising Selling Pressure?
The post Could Bitcoin’s Price Remain Stable Above $60,000 Amid Rising Selling Pressure? appeared on BitcoinEthereumNews.com.
Bitcoin’s price remains under pressure, struggling to maintain stability below the $63,000 threshold as selling activity increases. The recent dip to $62,000 came after a peak of over $64,000, revealing waning bullish momentum in the cryptocurrency market. As on-chain data shows a persistent selling trend from key exchanges, the outlook for Bitcoin appears to be shifting towards bearish territory. This article explores Bitcoin’s current market dynamics, focusing on recent price movements, selling pressures, and insights from industry experts. Bitcoin’s Price Dynamics: A Stagnant Market Reaction Following a high of $64,448 recorded on October 7, Bitcoin (BTC) experienced a swift decline, briefly dipping below the $62,000 mark. Traders had started the week with optimism for October, yet the latest price correction signals that the bullish sentiment may not be entrenched. Bitcoin’s struggles to stabilize illustrate the complexities of market behavior in the cryptocurrency sector, where external pressures can influence price direction. Coinbase Premium Indicates Selling Pressure Data derived from CryptoQuant indicates that the Coinbase premium has consistently exhibited negative momentum since the commencement of October. The Coinbase premium serves as an essential indicator of retail demand; a downward trend typically suggests increasing selling pressure among U.S. investors. Previously reported values had shown a positive premium corresponding with Bitcoin’s local highs, highlighting the role of retail sentiment in price fluctuations. At this point, analysts have noted a correlation between this negative premium and heightened selling volume on exchanges, particularly Coinbase and Bybit. Market Sentiment: On-Chain Analysis Perspective On-chain analyst XBTManager emphasizes that the current negative momentum on Coinbase indicates ongoing selling pressures, influencing a bearish outlook in the short term. The analyst points out that if Coinbase’s selling activity persists, it could significantly impact market conditions and overall trading sentiment. Furthermore, other exchanges like Bitfinex and Deribit show continued selling pressures, while…
Filed under: News - @ October 8, 2024 8:22 pm