PiCK

Bitcoin Hits $76,000, but Short-Term Selling Pressure Builds

Source

Uk Jin

Summary

Bitcoin (BTC) reached $76,000, its highest level in months, but an analysis said investors should watch for short-term selling pressure.
CryptoQuant said exchange inflows and average deposit size have climbed to their highest levels since last year, signaling short-term profit-taking.
The report said daily realized profit is about $500 million, below previous peaks, but further gains in Bitcoin could increase selling pressure and trigger a short-term price correction.

Forecast Trend Report by Period

Bitcoin (BTC) climbed to $76,000, its highest level in months, but signs of short-term selling pressure are emerging.

Digital asset outlet Cointelegraph reported on May 16, citing a CryptoQuant report, that a surge in Bitcoin inflows to exchanges is adding to near-term selling pressure.

The report said hourly exchange inflows recently rose to 11,000 Bitcoin during the latest rally, the highest level since December last year. Deposits to exchanges are typically interpreted as a sign of intent to sell.

Average deposit size also rose to 2.25 Bitcoin, the highest since July last year. During a similar pattern in January, Bitcoin fell from $100,000 to $60,000, the report said.

CryptoQuant said profit-taking remains in its early stages. Daily realized profit is about $500 million, still below past levels of roughly $1 billion. But if Bitcoin extends its advance, selling pressure could build further and lead to a short-term price correction.

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