Bitcoin hits ‘near-term selling pressure’ after rally to $76K: CryptoQuant
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CryptoQuant says Bitcoin could be reaching a temporary ceiling after hitting a multi-month top of $76,000 on Wednesday, with investors moving Bitcoin in bulk to exchanges.
Bitcoin deposits to crypto exchanges surged on Tuesday as it rallied above $76,000, suggesting it is hitting “near-term selling pressure” as investors move their coins into a position for sale, according to CryptoQuant.
In a report on Wednesday, CryptoQuant said the size and rate of Bitcoin (BTC) inflows to exchanges have increased since the rally, with hourly inflows spiking to 11,000 BTC, the highest since December.
CryptoQuant said it is a “historically reliable warning signal of near-term selling pressure, as holders move coins to exchanges in preparation for potential distribution at key resistance zones.”
It added that the average deposit size also increased to 2.25 BTC, the highest since July 2024, and similar to January, when average deposits peaked at 2 BTC before the price nearly halved from $100,000 to $60,000.
Crypto investors have been hoping for a Bitcoin rally as the war in Iran appears to be de-escalating. However, a large shift of Bitcoin into crypto exchanges could suggest any rally would be short-lived.
TradingView shows Bitcoin hit $76,052 on Coinbase on Tuesday, securing its highest price since early February.
However, CryptoQuant said that as Bitcoin nears its $76,800 realized price, it will act “as a ceiling for relief rallies,” and traders who are nearing breakeven on their holdings will be “incentivized to sell, capping further upside.”
It added that Bitcoin’s rally in January was capped as it hit its realized price at the time, which caused prices to reverse, and “the same dynamic may repeat if selling pressure builds from current levels.”
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However, CryptoQuant said that profit-taking is “still in its early stages” as daily realized profits hover at $500 million, below the threshold of $1 billion that has “historically coincided with, or slightly preceded, local price tops.”
Daily realized profits could move above the $1 billion mark if Bitcoin rallies above $76,000 or moves toward the $76,800 realized price, CryptoQuant said, adding that could bring greater selling pressure and increase the likelihood of a stall or reversal.
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Source: CoinTelegraph
