Bitcoin Faces Selling Pressure After Surging Past $76,000
Bitcoin hits ‘near-term selling pressure’ after rally to $76K: CryptoQuant
Cointelegraph
Image: Cointelegraph
Bitcoin's price surged above $76,000, prompting increased deposits to crypto exchanges, indicating potential near-term selling pressure. CryptoQuant reports that inflows have spiked, suggesting investors may be preparing to sell as the cryptocurrency approaches key resistance levels.
- 01Bitcoin deposits to exchanges surged as prices rose above $76,000.
- 02CryptoQuant warns of near-term selling pressure due to increased inflows.
- 03The average deposit size reached 2.25 BTC, the highest since July 2024.
- 04Historical patterns suggest a potential price reversal as selling pressure builds.
- 05Daily realized profits remain below $1 billion, indicating profit-taking is still early.
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Bitcoin (BTC) recently surged past $76,000, prompting a significant increase in deposits to crypto exchanges, which CryptoQuant interprets as a signal of near-term selling pressure. On Tuesday, hourly inflows peaked at 11,000 BTC, the highest volume since December, indicating that holders are preparing for potential sales as the price approaches key resistance levels. The average deposit size also increased to 2.25 BTC, the highest since July 2024, mirroring trends observed in January when prices fell sharply after a similar deposit spike. CryptoQuant cautions that as Bitcoin nears its $76,800 realized price, it could act as a ceiling for further rallies, incentivizing traders to sell and potentially leading to a price reversal. Despite the current rally, daily realized profits remain at $500 million, below the $1 billion threshold that typically precedes local price tops, suggesting that profit-taking is still in its early stages. As the geopolitical situation in Iran de-escalates, investors remain hopeful for Bitcoin's continued rise, but the influx of coins into exchanges could signal a short-lived rally.
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