[Analysis] "Bitcoin Faces Short-Term Selling Pressure"

Uk Jin

Summary

It was stated that short-term selling pressure on Bitcoin is increasing.
It was reported that profit-taking occurs when major resistance levels are reached, leading to expectations of a sideways market.
It was stated that due to the selling pressure from short-term holders, there is a high possibility of a decline in Bitcoin's price.

Short-term selling pressure on Bitcoin (BTC) is intensifying.

On the 15th, CryptoQuant contributor Gaah reported, "Looking at the market buy and sell indicators, it is evident that Bitcoin is experiencing strong short-term selling pressure recently," adding, "This phenomenon is mainly associated with large-scale profit-taking when the price reaches resistance levels, suggesting that a sideways market may ensue."

Gaah also focused on the movements of short-term holders. He noted, "During the recent price adjustment period, short-term holders have been observed liquidating their positions. This short-term selling is occurring even at a loss," adding, "This also clearly demonstrates the overall selling pressure."

There are also forecasts that the price of Bitcoin is likely to decline in the future. Gaah predicted, "These factors are collectively intensifying downward pressure on the market," and "Chart analysis shows a structure where the downtrend is likely to continue."

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