After exceeding the $70,000 threshold last week, the Bitcoin market came to the fore again with a usual selling pressure. According to data from on-chain analytics company Glassnode, the total profit sales in just one hour exceeded $20 million.
Profit sales accelerated in the market
Bitcoin price has been in the range of 70 thousand to 80 thousand dollars in recent days. However, each time the price approached this band range, the transaction volume in the market decreased and investors turned to sales to realize profits.
Glassnode, in its statement on
Since February, it seems that the 70-80 thousand dollar range has turned into a region of constant sales, rather than the aforementioned increases being permanent.
So, when the Bitcoin price rises above $70,000, these increases are mostly responded to by existing investors reducing their positions rather than a new wave of buying. As a result, every price increase in the market is balanced by a strong selling pressure in a short time.
The price increase remained weak
Although Bitcoin last approached the level of 74 thousand dollars last Saturday, it then experienced a rapid withdrawal and fell below 71 thousand dollars again.
During this period, the inconclusive peace talks between the USA and Iran in Islamabad caused an increase in energy prices. Rising oil prices also weighed on US stock futures.
While analysts emphasize that Bitcoin has difficulty holding on above $70,000, they state that the price has encountered a ceiling at this point due to the behavior of investors rather than technical reasons.
If the profit sales, which are around 20 million dollars on an hourly basis, decrease, this may pave the way for an upward movement in the market.
In the current picture, investors’ short-term profit-taking tendencies must weaken in order to maintain upward momentum.
