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07.11 - 22:55
Analyzing the current ‘profit-booking’ trend in the Bitcoin market
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Bitcoin broke above the psychological $60k level less than a week back. Since then, it has already spent a considerable amount of time hovering below the $63k threshold. Even at the time of writing, BTC was seen exchanging hands at $62.4k.
The near-ATH period is considered to be quite tricky for a couple of reasons. First, the coin is usually tested and rejected multiple times at past resistance levels. Secondly, at this stage, most of the HODLers are usually in profit and in retrospect, the incentive to sell intensifies.
As far as the former factor is concerned, Bitcoin has already been rejected at $62.9k a couple of times in the recent past. The latter factor too seems to be gradually playing out now.
At this point, close to 98.34% of coins
Read more on ambcrypto.comAbout this in other media
Marathon Digital stock reaches 6-year high as company HODLs $460M Bitcoin cointelegraph.com /3 years ago
Another Major Bank to Begin Offering Bitcoin, Ether & Altcoin Services cryptonews.com /3 years ago
Bitcoin whale indicator detects multi-month accumulation trend as BTC eyes $67K-retest cointelegraph.com /3 years ago
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