Bitcoin Rally Jeopardized by Mounting Selling Pressure and Middle East Volatility
Bitcoin's price has surged past $64K for the first time in seven to eight days, but its rally may be short-lived due to growing selling pressure from various fronts.
Selling pressure is mounting on miners, who have sold off 1,648 BTC over the past ten days, adding around $106 million in potential selling pressure. Additionally, spot Bitcoin ETF holders withdrew almost $400 million worth of cryptocurrency last week.
Strategy's recent behavior has also contributed to the selling pressure, as the company has paused its BTC purchases indefinitely and made multiple sales over the past few months.
The Coinbase Premium metric continues to be in the negative for over three months, indicating weaker US demand or active selling from US-based participants. The analyst believes that BTC's rally toward $64,600 won't last long and predicts potential support zones at $63,110-$61,850 and $54,300.