The crypto market has seen a decrease in selling pressure from large investors as the price of the flagship digital currency has consolidated near $67k. For this reason, are there grounds for talking about the “exhaustion” of large Bitcoin sellers? What risks does this pose?
Many crypto exchanges are currently discussing the “exhaustion” of large bitcoin sellers. This may be partly due to the breakout of key technical levels, specifically the $60,700 mark for BTC. After the price action consolidated higher, the chances of reaching $70k increased. Currently, this mark is the first growth target for BTC.
Fundamental news contributes to the activation of the bullish trend in cryptocurrency. Thus, the US Securities and Exchange Commission, approved new ETFs, a move that has been favorably assessed by traders. This is positive for the market, as it can attract new liquidity flows into the industry.
That said, there are risk factors in the form of macroeconomic data - for example from the US - that could lead to a local correction. However, this does not change the overall picture.