CandleFocus Here is Why Bitcoin Fell to $60,300 Today And Volume Dropped by 17%
2024-10-10
Author: Content Editor
Bitcoin faced selling pressure as $5.64 billion in realized profits were recorded, indicating that investors were capitalizing on their holdings. This profit-taking behavior typically leads to selling pressure and can drive prices lower or result in short-term consolidation. The trading volume for Bitcoin also dropped by 17% during this period, suggesting decreased activity. The Coinbase Premium Index, which tracks the price difference between Bitcoin on Coinbase and Binance, showed a negative reading, indicating stronger selling pressure from U.S. institutions. Despite this bearish sentiment, analysts still see long-term potential for Bitcoin, with technical analysis showing that it has consistently outperformed gold in recent years. Veteran chartist Peter Brandt highlighted the BTC/GLD ratio, which suggests that Bitcoin could rally significantly if it breaks through key resistance levels.
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