As Bitcoin is experiencing an uptrend in price increasing by 12.6% in the past week to trade above $66,000, analysts at Coinbase in a Friday report have disclosed potential limitations to its upward trajectory due to “increasing sell orders” on the exchange. According to the report, the recent appreciation in Bitcoin’s value has tempted many traders to capitalize by selling, which could curb further gains. Related Reading: Market Strategist Says Bitcoin Downtrend Is Finally Over, Here’s Where Price Is Headed Next A Wall Ahead, What Happens To Bitcoin Then? This report, which analyzes the market’s overall picture, was compiled by Coinbase researchers David Duong and David Han. They noted that sell orders have been rising on Coinbase within 5% to 10% of the mid-price, indicating a strong desire not to see higher prices for the digital currency. This suggests there might be a cooling-off from recent highs as traders take profits and reposition in response to current market conditions. According to Duong and Han: We may be seeing some profit taking at current levels and/or a greater ..
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