• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Bitcoin

Bitcoin Sellers are Starting to Disappear as Analysts Forecast Major Growth

Cole Petersen by Cole Petersen
2 years ago
in BTC
Reading Time: 2 mins read

Bitcoin has been the best performing major cryptocurrency by far, with most large altcoins severely underperforming it throughout the past few days and weeks.

While many investors allocated serious capital to altcoins in hopes of smaller tokens being a higher beta play that outperform BTC, the benchmark cryptocurrency’s massive upswing has sucked all the oxygen out of the room.

Until its momentum stalls and investors rotate capital away from BTC and into altcoins, there’s a strong possibility that it will continue outperforming the aggregated cryptocurrency market.

One trader is now pointing to the lack of intense selling pressure that Bitcoin is now facing as its price rallies above $28,000 as a positive sign. This exhaustion amongst sellers seems to hint that it may be gearing up for another leg higher that sends it to fresh all-time highs.

While speaking about this, one prominent trader explained that he is watching for BTC to “send” higher in the coming hours. He specifically notes that the fact no sellers are showing up at the crypto’s highs seems to indicate that price discovery is about to continue.

This may place some short-term pressure on altcoins, as they typically struggle to rise in tandem with the benchmark cryptocurrency.

Bitcoin Rockets Past $28,000 as Bulls Target Fresh All-Time Highs

At the time of writing, Bitcoin is trading up just under 3% at its current price of $28,100. This is around where it faced some serious selling pressure throughout the past week.

A break above its $28,500 highs could result in a continuation of the price discovery that the cryptocurrency has been undergoing as of late.

These highs were visited overnight, but the selling pressure here was significant and caused it to see a rather intense short-term selloff.

Lack of Aggressive Selling Above $28,000 Points to Imminent Upside

One trader explained that the lack of aggressive selling above $28,000 bodes well for Bitcoin and may indicate that upside is imminent for the cryptocurrency.

“BTC looks like it wants to send. No sellers showing up at the highs. I’m not short anymore, nor ‘hedged’, seems like price discovery is about to continue…”

Bitcoin

Image Courtesy of SalsaTekila. Source: BTCUSD on TradingView.

If Bitcoin does continue seeing price discovery in the near-term, it may be poised to visit the psychologically important $30,000 level, as this is where everyone expects there to be some resistance.

Featured image from Unsplash.
Charts from TradingView.
Tags: btcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin

Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $28K

4 hours ago
Bitcoin

Bitcoin Price Faces Confluence of Bearish Factors And Could Decline Heavily

3 days ago
Bitcoin

Bitcoin Price Takes Hit – Upsides Turn Attractive To Sellers

4 days ago
Bitcoin

Bitcoin Price Nears Next Key Move, 100 SMA Is The Key

5 days ago
Bitcoin

Bitcoin Price Just Saw Technical Correction, Can Bulls Save The Day?

6 days ago
Bitcoin

Bitcoin Price Prints Bullish Technical Pattern, Why Close Above $28,500 Is Critical

1 week ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    4 days ago
  • Willing to buy new crypto: Here are the best 10...

    5 days ago
  • Best Crypto Meme Coin Presales in 2023

    5 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Sphere Financial Inc: Transforming the World of Finance...

    13 hours ago
  • As Pepe (PEPE) Hype Becomes History, DigiToads (TOADS)...

    17 hours ago
  • InQubeta (QUBE) Could Overtake Aave (AAVE) in Market Cap...

    17 hours ago
  • AI Analytics: SingularityNET, Ripple, and The Sandbox Top...

    18 hours ago
  • According to experienced traders, Aave (AAVE) and InQubeta...

    22 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.