Bitcoin experiences increased selling pressure after hitting an all-time high

Son Min

Summary

It was analyzed that selling pressure increased after Bitcoin (BTC) reached an all-time high.
It was reported that short sellers have started to enter in earnest, and the long-to-short ratio has turned negative.
It was mentioned that the $117,000 level must be maintained.

An analysis has emerged stating that Bitcoin (BTC) has seen increased selling pressure after reaching its all-time high (ATH).

On the 15th (local time), Axel Adler Jr., a contributor at CryptoQuant, wrote on X (formerly Twitter), "After Bitcoin reached its all-time high, sellers have initiated full-scale short selling," adding, "Currently, buying momentum has weakened sharply, and the long-to-short ratio has turned negative." He further emphasized, "Bitcoin must hold the $117,000 level."

As of 4:11 PM, based on the Binance USDT market, Bitcoin is trading at $117,090, down 4.22% from 24 hours ago.

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