The world’s largest cryptocurrency, Bitcoin (BTC), has been consolidating over the past week, trading between $67,000 and $70,000 after experiencing a brief 20% price correction that sent it as low as $56,400 in early May. This consolidation period comes as inflows into the US spot Bitcoin ETF market have reignited, and selling pressure appears to have cooled off, both in the ETF market and among Bitcoin investors more broadly. Bitcoin Selling Pressure Fades According to Julio Moreno, head of research at on-chain market analytics firm CryptoQuant, the current Bitcoin price level of $70,000 differs from when it last reached that mark in March. Moreno notes that traders are now exerting much lower selling pressure, as unrealized profits are only around 3%, compared to 69% in early March. This suggests that much of the “heavy selling” has been exhausted, as seen in the chart below. Related Reading: DeFiance Capital Foresees ETH Soaring To $4,500 Pre-Ethereum ETF Trading Santiment data also shows that Bitcoin has once again eclipsed a $70,000 market capitalization, even as the US stock market took a hiatus for the Memorial Day holiday. ..
Support the originator by clicking the read the rest link below.
