Summary
- "Bitcoin (BTC)" is poised at the 10,000-dollar mark, indicating that stronger buying pressure is needed.
- The current price of Bitcoin is undergoing adjustments, and the large-scale selling by short-term investors is identified as the cause.
- To achieve new highs, large-scale buying pressure from both small and institutional investors is emphasized.
Bitcoin (BTC) is entering a phase of consolidation after reaching the 10,000-dollar mark, and analysts suggest that stronger buying pressure is needed to achieve new highs.
On the 28th (local time), the online data analysis platform CryptoQuant's report by 'caueconomy' stated, "The current buying pressure is favorable for institutional investors. To achieve new highs, a large-scale buying pressure from both small and institutional investors is necessary."
On the other hand, the current price adjustment of Bitcoin is attributed to the large-scale selling by short-term investors. Recently, short-term investors sold approximately 4 billion dollars worth of Bitcoin.
On this day, Bitcoin is trading at 9,560 dollars, down 0.2% from the previous day, in the Binance Tether (USDT) market.
Doohyun Hwang
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