Bitcoin Sellers Running Out Of Coins As Dominance Hits 3-Year High
06 Agosto 2024 - 3:00PM
NEWSBTC
Crypto analyst Rekt Capital has provided some form of optimism for
Bitcoin investors, suggesting that the massive sell pressure on the
flagship crypto is almost over. This comes amid a significant surge
in Bitcoin’s dominance. Bitcoin Seller Exhaustion Is At Its Peak In
an X (formerly Twitter) post, Rekt Capital mentioned that “the
sell-side volume has reached and even dramatically eclipsed Seller
Exhaustion levels seen at previous price reversals to the upside.”
The analyst added that Bitcoin hasn’t seen this level of sell-side
volume since the Halving event in April earlier this year.
Related Reading: VanEck CEO Compares Bitcoin Adoption To Gold,
Reveals Why Price Will Touch $350,000 This undoubtedly presents a
bullish development for the flagship crypto since Bitcoin is bound
to witness a massive reversal with the sell pressure almost over.
This is already happening, as Bitcoin has rebounded in the last 24
hours, following its drop below $50,000 for the first time since
January. Rekt Capital also suggested that Bitcoin could
rebound to as high as $62,550 in the short term as it looks to fill
the CME gap, which is currently between $59,400 and $62,550. He
noted that the odds favor Bitcoin filling this gap since the crypto
token has filled all of the CME Gaps it has created over the past
several months. Crypto analyst Skew also commented on the
massive sell-side volume that Bitcoin recently experienced. He
explained that this happened because Bitcoin failed to hold above
$70,000 following its July price rebound. The analyst added that
there is “no actual chaos yet,” suggesting there was no need to be
worried about the recent price correction. With seller
exhaustion at its peak, there is also the likelihood that Bitcoin
has found a bottom and that this could be the final correction
before the bull run kicks into full gear. Veteran trader and
analyst Peter Brandt noted that Bitcoin’s decline since the halving
means it has now achieved a price drop similar to the one during
the 2015 to 2017 Halving bull market cycle. BTC’s Dominance
Hits 3-Year High Amid the market turmoil, data from Coinglass shows
that Bitcoin’s dominance recently hit its highest level since April
2021. This rise has been largely due to the Spot Bitcoin ETFs,
which have caused new money to flow into the Bitcoin ecosystem.
Meanwhile, altcoins have had to battle for capital from existing
retail investors who continue to divest their money between several
crypto assets. Related Reading: Dogecoin Open Interest Sees
Sharp 24% Drop, Where Does Price Go From Here? Crypto analysts like
Roman have suggested that Bitcoin’s dominance will likely continue
to rise for now, as he predicted that the flagship crypto will
continue to suck up all the liquidity until later this year. He
expects Ethereum and other altcoins to continue trading sideways
during this period. At the time of writing, Bitcoin is
trading at around $56,000, up over 10% in the last 24 hours,
according to data from CoinMarketCap. Featured image from
Cointribune, chart from Tradingview.com
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