Crypto analyst Rekt Capital has provided some type of optimism for Bitcoin investors, suggesting that the huge sell pressure on the flagship crypto is sort of over. This comes amid a big surge in Bitcoin’s dominance.
Bitcoin Seller Exhaustion Is At Its Peak
In an X (formerly Twitter) post, Rekt Capital mentioned that “the sell-side volume has reached and even dramatically eclipsed Seller Exhaustion levels seen at previous price reversals to the upside.” The analyst added that Bitcoin hasn’t seen this level of sell-side volume for the reason that Halving event in April earlier this 12 months.
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Source: X
This undoubtedly presents a bullish development for the flagship crypto since Bitcoin is sure to witness an enormous reversal with the sell pressure almost over. That is already happening, as Bitcoin has rebounded within the last 24 hours, following its drop below $50,000 for the primary time since January.
Rekt Capital also suggested that Bitcoin could rebound to as high as $62,550 within the short term because it looks to fill the CME gap, which is currently between $59,400 and $62,550. He noted that the chances favor Bitcoin filling this gap for the reason that crypto token has filled the entire CME Gaps it has created over the past several months.
Source: X
Crypto analyst Skew also commented on the huge sell-side volume that Bitcoin recently experienced. He explained that this happened because Bitcoin did not hold above $70,000 following its July price rebound. The analyst added that there’s “no actual chaos yet,” suggesting there was no must be anxious concerning the recent price correction.
Source: X
With seller exhaustion at its peak, there’s also the likelihood that Bitcoin has found a bottom and that this may very well be the ultimate correction before the bull run kicks into full gear. Veteran trader and analyst Peter Brandt noted that Bitcoin’s decline for the reason that halving means it has now achieved a price drop much like the one in the course of the 2015 to 2017 Halving bull market cycle.
Source: X
BTC’s Dominance Hits 3-12 months High
Amid the market turmoil, data from Coinglass shows that Bitcoin’s dominance recently hit its highest level since April 2021. This rise has been largely because of the Spot Bitcoin ETFs, which have caused latest money to flow into the Bitcoin ecosystem. Meanwhile, altcoins have needed to battle for capital from existing retail investors who proceed to divest their money between several crypto assets.
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Crypto analysts like Roman have suggested that Bitcoin’s dominance will likely proceed to rise for now, as he predicted that the flagship crypto will proceed to suck up all of the liquidity until later this 12 months. He expects Ethereum and other altcoins to proceed trading sideways during this era.
On the time of writing, Bitcoin is trading at around $56,000, up over 10% within the last 24 hours, in response to data from CoinMarketCap.
BTC price trending at $55,000 | Source: BTCUSD on Tradingview.com
Featured image from Cointribune, chart from Tradingview.com