Bitcoin Sellers Running Out Of Coins As Dominance Hits 3-Year High
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Crypto analyst Rekt Capital suggests that the sell pressure on Bitcoin is nearly over, indicating a bullish reversal. Bitcoin’s dominance has surged to its highest in 3 years, driven by Spot Bitcoin ETFs. The sell-side volume has reached levels comparable to previous price reversals. Bitcoin may rebound to $62,550 in the short term, filling the CME gap. Analysts like Skew and Peter Brandt note the decline is reminiscent of past cycles. Bitcoin is currently trading at $56,000, up 10% in the last 24 hours.
Rekt Capital highlighted that Bitcoin's recent sell-side volume has dramatically surpassed previous Seller Exhaustion levels. This suggests a potential end to the massive sell pressure. The last time Bitcoin saw this level of sell volume was during the Halving event in April. Bitcoin’s dominance in the crypto market has reached its highest level since April 2021, driven by new money flowing into Bitcoin due to Spot Bitcoin ETFs.
Other analysts like Skew noted the recent sell volume was due to Bitcoin failing to stay above $70,000 after its July rebound. Skew reassured that there's no chaos, indicating that the crypto market’s correction is normal. Peter Brandt compared Bitcoin’s current price decline to the 2015-2017 Halving bull market cycle. This correction could be the final one before a new bull run begins.
Analysts predict Bitcoin's dominance will continue to rise, potentially sidelining altcoins like Ethereum for now. Bitcoin's price recovery has already begun, bouncing back in the last 24 hours. Bitcoin is now trading at $56,000, with a 10% increase in 24 hours, signaling potential for more growth. The Featured image from Cointribune and chart from Tradingview.com provide visual context for these trends.
Sursă: www.newsbtc.com ↗
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