Analyst: The recent Bitcoin correction is highly related to the sell-off of Coinbase since October 26
On December 21, Bitcoin experienced a significant pullback, falling 15% from its historical high of $108,300. This price drop marks a sharp shift in market sentiment, which has quickly turned from extremely bullish to uncertain and cautious. As altcoins took a heavy hit, the correction in Bitcoin sparked concerns about the sustainability of recent uptrends.
Top analyst Maartunn recently emphasized that this adjustment coincides with Coinbase's most severe selling activity since October 26 (when BTC was trading at $66,000). The increase in selling pressure clearly indicates a transition from a bull market to one filled with fear and hesitation. The combination of reduced buying activity and increased selling pressure suggests that the market is struggling to maintain upward momentum.
Furthermore, Bitcoin is currently testing support at the major level of $92,000. (Bitcoinist)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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