Crypto Express

07/16 01:12

Bitcoin under pressure as Satoshi-era whale sells

Bitcoin under pressure as Satoshi-era whale sells: Will BTC drop to $108K?

Will Bitcoin drop to $108K before resuming trend continuation?

Bitcoin faces selling pressure after making a new ATH with the Satoshi-era whale escalating the scale. However, the question now is whether BTC’s pullback can take its price below the $110K zone.

Bitcoin [BTC] made a new ATH of $122,838 this week, reigniting the buzz around the king coin. This came at a time when the U.S. streamlined its regulations to ease the adoption of Bitcoin and other cryptocurrencies.

As the price of BTC broke above the $120,000 mark, a shift in sentiment was noted. The Bitcoin Whale Position Sentiment showed that selling was becoming increasing dominant, sitting at 0.75 at press time.analysis confirmed the aforementioned sentiment from the Buy/Sell Pressure indicator.

The sell-side was slowly rising, with the reading at the time of writing at 0.6. On the other hand, buying was declining, with its value at the neutral level and heading toward the negative zone.

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