Bitcoin Price Expected to Face Selling Pressure in Upcoming Weeks
Bitcoin reached a new all-time high of $124,000 on August 14 but dropped to approximately $118,000 shortly after. The price has remained around this level through August 16, with indications that sluggishness may continue for weeks.
Key Insights on Bitcoin Market Dynamics
- Bitcoin Netflow on Binance turned positive, indicating reduced outflows and ongoing selling pressure.
- The distribution phase is evident, contributing to market volatility.
- Exchange reserves on Binance increased during the price surge, suggesting investors were selling for profit.
- Binance whales utilized the opportunity to sell as aggressive buyers entered the market.
- Overall, despite an upward trend, selling pressure is expected to persist for one to two weeks.
As of now, Bitcoin (BTC) is priced at around $117,490, reflecting a nearly 1% increase in the last 24 hours.
