Bitcoin Consolidates After Recent Surge – Metrics Reveal Moderate Selling Pressure
13 Novembre 2024 - 7:30PM
NEWSBTC
Bitcoin has reached a new all-time high of $90,243 following a week
of relentless upward momentum. After days marked by euphoria and
rapid gains, the price is now entering a consolidation phase,
providing a much-needed pause for the market. Key data from
CryptoQuant indicates moderate selling pressure is emerging, which
may signal a brief pullback or stabilization below the $90,000
mark. Related Reading: Dogecoin Could Target $2.4 If Price Aligns
With Macro Pattern – Details This week will be pivotal in
determining Bitcoin’s next steps as traders and investors watch if
BTC will hold near the $90,000 supply level or retreat to test
support around $80,000. With strong market fundamentals and
continued interest from bullish investors, the potential for
another rally remains high. However, a short consolidation
period could offer healthier groundwork for BTC’s long-term ascent.
All eyes will be on whether Bitcoin can sustain its current levels
or if this cooling-off phase will allow buyers to re-enter lower
demand zones, setting the stage for the next major price move.
Bitcoin Selling Pressure Still Far From Peak Levels Bitcoin has
reached a local top after setting a fresh all-time high, signaling
a potential pause in its recent surge. Analysts and investors are
watching closely, as BTC has a history of making aggressive moves
once it starts trending upward. Despite this bullish momentum, many
are exercising caution, anticipating that Bitcoin might need time
to consolidate before pushing higher. According to key data from
CryptoQuant analyst Axel Adler, the market is now experiencing
moderate selling pressure. Adler’s analysis points to a possible
consolidation phase, as short-term holders take profits. He
specifically examines the short-term holder realized profit and
loss data, which reveals that the current selling pressure is
relatively mild compared to historical peak selling periods. In
Adler’s view, this moderate pressure suggests that BTC’s recent
rally might not end. He highlights clusters of intense selling seen
in previous peaks, marked as Clusters #1, #2, and #3 on his chart,
showing levels of selling pressure significantly higher than what
we see today. This data implies that while some profit-taking is
underway, it’s nowhere near the intense levels seen at past tops.
Related Reading: Bitcoin Weekly RSI Entering Power Zone – Last Time
BTC Soared 80% As Bitcoin approaches consolidation, this subdued
selling pressure could set the foundation for a more stable rally.
Investors are eyeing this moment to gauge whether BTC will gather
strength for the next leg up or continue cooling off, forming a
solid base around current levels before another potential breakout.
BTC Testing New Supply Levels (Again) Bitcoin has officially
entered a much-anticipated price discovery phase, recently marking
a new all-time high of $90,243. Currently trading around $87,500,
BTC has experienced days of intense buying pressure and
record-setting highs. However, the market may see a period of
consolidation below the $90,000 threshold as traders assess new
demand levels, potentially around $80,000. The coming days will be
critical in determining BTC’s short-term path. If Bitcoin holds
above the $85,000 mark, this would signal resilience and likely
encourage a push toward higher supply zones as bullish momentum
builds. However, if BTC loses this level, a retracement to lower
demand of nearly $82,000 could come into play, allowing for a more
stable foundation before the next rally attempt. Related Reading:
Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly
Highs Analysts view this consolidation phase as necessary after
BTC’s rapid ascent, as it allows the market to establish support.
Holding within the current range would signal strength, suggesting
that BTC is well-positioned for further gains. Investors are now
watching closely, gauging whether BTC will secure its recent gains
or find a brief reset before aiming for new heights. Featured image
from Dall-E, chart from TradingView
Grafico Azioni Quant (COIN:QNTUSD)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Quant (COIN:QNTUSD)
Storico
Da Dic 2023 a Dic 2024