Bitcoin Sellers Running Out Of Coins As Dominance Hits 3-Year High

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,281,736,079,809	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,281,736,079,809

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	2,088.18	3.32%	64,937.97	64,936.59	64,937.82

Price Change

Price Change %

Current Price

Bid Price

Offer

2,088.18

3.32%

64,937.97

64,936.59

64,937.82

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,965.24	62,426.67	62,837.00	62,849.79	26,797.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,965.24

62,426.67

62,837.00

62,849.79

26,797.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	11:22:55	0.307889	64,953.14	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

11:22:55

0.307889

64,953.14

USD

Price x Volume	Volume	Base Symbol	Related Pairs
460,180,479.93	7,203.87	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

460,180,479.93

7,203.87

Bitcoin Sellers Running Out Of Coins As Dominance Hits 3-Year High

06/08/2024 9:00pm

NEWSBTC

Crypto analyst Rekt Capital has provided some form of optimism for Bitcoin investors, suggesting that the massive sell pressure on the flagship crypto is almost over. This comes amid a significant 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 since the Halving event in April earlier this year. Related Reading: VanEck CEO Compares Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000 This undoubtedly presents a bullish development for the flagship crypto since Bitcoin is bound to witness a massive reversal with the sell pressure almost over. This is already happening, as Bitcoin has rebounded in the last 24 hours, following its drop below $50,000 for the first time since January. Rekt Capital also suggested that Bitcoin could rebound to as high as $62,550 in the short term as it looks to fill the CME gap, which is currently between $59,400 and $62,550. He noted that the odds favor Bitcoin filling this gap since the crypto token has filled all of the CME Gaps it has created over the past several months. Crypto analyst Skew also commented on the massive sell-side volume that Bitcoin recently experienced. He explained that this happened because Bitcoin failed to hold above $70,000 following its July price rebound. The analyst added that there is “no actual chaos yet,” suggesting there was no need to be worried about the recent price correction. With seller exhaustion at its peak, there is also the likelihood that Bitcoin has found a bottom and that this could be the final correction before the bull run kicks into full gear. Veteran trader and analyst Peter Brandt noted that Bitcoin’s decline since the halving means it has now achieved a price drop similar to the one during the 2015 to 2017 Halving bull market cycle. BTC’s Dominance Hits 3-Year 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 due to the Spot Bitcoin ETFs, which have caused new money to flow into the Bitcoin ecosystem. Meanwhile, altcoins have had to battle for capital from existing retail investors who continue to divest their money between several crypto assets. Related Reading: Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here? Crypto analysts like Roman have suggested that Bitcoin’s dominance will likely continue to rise for now, as he predicted that the flagship crypto will continue to suck up all the liquidity until later this year. He expects Ethereum and other altcoins to continue trading sideways during this period. At the time of writing, Bitcoin is trading at around $56,000, up over 10% in the last 24 hours, according to data from CoinMarketCap. Featured image from Cointribune, chart from Tradingview.com

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