Sellers in the Bitcoin market are becoming increasingly active, raising concerns about a potential price drop. Recent data from CryptoQuant suggests significant Bitcoin movements by short-term holders, indicating immediate selling pressure.
Bitcoin briefly hit the $65,000 mark but has since retraced and is currently trading at around $63,000, reflecting a small decline over the past 24 hours. Analysts warn that continued seller activity could lead to increased volatility.
Crypto analyst Ali highlights that Bitcoin is trading within a parallel channel and notes the importance of the $63,500 support level. Holding this level could see Bitcoin rebounding to $64,200 or $64,800, but falling below it might result in a drop to $62,800.
