"Bitcoin (BTC) short-term correction, impact of about 100 million dollars in profit-taking sell orders"
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Summary
- Bitcoin fell to the 91,000-dollar range in the short term due to the influence of approximately 100 million dollars worth of profit-taking sell orders.
- Bitcoin's attempt to rise failed after encountering major resistance in the 94,000~95,000-dollar range.
- It analyzed that, to break above the 94,000-dollar level going forward, whether the sell orders can be absorbed will be the key variable.
Large-scale profit-taking sell orders were pointed to as the reason Bitcoin (BTC) briefly fell to the 91,000-dollar range overnight.
On the 6th (local time), according to crypto asset (cryptocurrency) specialist media BeInCrypto, Bitcoin once recovered to the 94,000-dollar level but the upward momentum was immediately broken and it was pushed down to the 91,000-dollar range.
BeInCrypto analyzed that this adjustment was directly related to approximately 100 million dollars worth of profit-taking sell orders. It explained that Bitcoin faced major resistance in the 94,000~95,000-dollar range, causing a breakout attempt to fail.
Citing order book data, the outlet said, "Sell orders totaling about 100 million dollars were concentrated at that price range across major exchanges," and added, "Such liquidity concentration acted as a cap that stalled the uptrend and triggered short-term profit-taking."
As a result, Bitcoin faced strong selling pressure in the short term, and it was analyzed that whether the sell orders can be absorbed will be a key variable for retesting the area above 94,000 dollars.
As of 05:34 on the 7th, on the Binance Tether (USDT) market, Bitcoin was trading at 92,564.67 dollars, down 1.91% from the previous day.
