Data Shows Selling Pressure Mounts On Bitcoin: Is The Bull Run at Risk?

Bitcoin faces increased selling pressure, as indicated by the delta between buy and sell taker volumes reaching levels similar to those in July 2024. This suggests heightened selling activity, cautioning traders against excessive exposure. The liquidation of long positions, which reached its fourth-highest peak in 2024, has negatively impacted Bitcoin's price. Sustained selling pressure could further influence its trajectory. The market sentiment shift warrants defensive strategies, such as reducing leverage and setting stop-losses. Despite the selling pressure, Bitcoin has increased by 1.6% in the past day, bringing its price above $97,000. Some analysts believe the rally to $100,000 is imminent, with a target of $116,652. However, traders should exercise caution and monitor market indicators to manage risk in these uncertain market conditions.