Bitcoin is facing mixed reactions as mounting selling pressure continues, with large holders steadily reducing their exposure.
Meanwhile, the leading cryptocurrency is approaching a critical demand zone that previously sparked a major rally, putting the market at a crucial turning point.
According to market analyst Ali Martinez, Bitcoin whales have sold more than 34,000 BTC, worth approximately $2.6 billion, over the past week.
More notably, this sell-off coincided with BTC’s decline from $79,000 to below $73,000, signaling growing distribution among large holders.
Bitcoin is not out of the woods yet because bearish momentum has intensified since the apex cryptocurrency has fallen below the psychological price of $70,000 to trade at $67,209 per CoinGecko data.
Adding to the bearish outlook, longtime Bitcoin critic Peter Schiff has warned that the cryptocurrency’s long-term downtrend is far from over. His comments came after Bitcoin’s recent drop toward $68,000, reinforcing concerns that the current correction could deepen.
Is There Light at the End of Bitcoin’s Tunnel?
Despite the selling pressure engulfing the BTC market, on-chain metrics provider WealthManager highlights a potential opportunity for bulls.Â
Why is this the case? Well, BTC has returned to the demand zone that triggered its August rally, where buyers previously stepped in and fueled a substantial recovery.
With Bitcoin now testing the same area again, the big question remains whether bulls will dust themselves off and defend it once more, because a successful hold could attract fresh demand and provide the foundation for a rebound. Nevertheless, a breakdown could expose Bitcoin to further losses.
Â
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.