Bitcoin On the Cusp of Facing Another Wave of Intense Selling: Analyst

Bitcoin On the Cusp of Facing Another Wave of Intense Selling: Analyst


Bitcoin has faced some intense selling pressure throughout the past 48 hours, with bears stepping up and trying to reverse the cryptocurrency’s recent strength They have been continuously targeting $30,000, with the crypto tapping this level on a few occasions before rocketing higher Its rally has so far been somewhat weak, and reversed nearly the instant that the crypto moved past $36,000 This is a grave sign that points to some underlying weakness amongst bulls One on-chain analyst is now noting that where the entire market trends next will likely depend on miners He notes that miners are the ones who sparked the recent selloff, and data suggests that they may continue dumping their coins in the near-term

Bitcoin is currently in a precarious position. Following what appeared to be a strong rebound, the cryptocurrency has erased its strength and drifted lower, finding some support at $33,000.

This marks an over 10% decline from its overnight highs

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