Bitcoin Trades at Discount for Past Month Indicating Selling Pressure
Bitcoin (BTC) has experienced significant volatility recently, dropping to $97K before rebounding to $106K, currently consolidating around $102K. Key insights from analyst Daan highlight a Coinbase discount over the past month, indicating increased selling pressure from US investors, as other exchanges price BTC higher.
Key points include:
- BTC's current consolidation below its all-time high (ATH).
- The $110K level is viewed as a crucial psychological target for bullish momentum.
- Analysts are divided on Bitcoin's next move—some expect further consolidation while others predict deeper corrections if key support levels fail.
- Holding above $102K and reclaiming $106K is essential for a potential bullish breakout.
- A drop below $100K could trigger additional selling pressure and delay recovery efforts.
Currently trading at $102,400, Bitcoin is positioned between $106K resistance and $100K support. A decisive breakout or breakdown will likely dictate the next trend.
