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bitcoin has reached a new all-time high of $90,243 after a week of relentless bullish momentum. After days marked by euphoria and rapid gains, the price is now entering a consolidation phase, providing a much-needed pause for the market.
Key data from CryptoQuant indicates that moderate selling pressure is emerging, which may signal a brief pullback or stabilization below the $90,000 mark.
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This week will be pivotal in determining bitcoin's next steps as traders and investors watch to see if btc will hold near the $90,000 supply level or pull back to test support around $80,000. With strong market fundamentals and continued interest from bullish investors, the potential for another rally remains high.
However, a brief period of consolidation could offer a stronger foundation for btc's long-term rise. All eyes will be on whether bitcoin can maintain its current levels or if this cooling phase will allow buyers to re-enter areas of lower demand, setting the stage for the next big price move.
bitcoin selling pressure still far from peak levels
bitcoin has hit a local high after setting a new all-time high, signaling a possible pause in its recent rise. Analysts and investors are watching closely as btc has a history of making aggressive moves once it starts trending up. Despite this bullish momentum, many are acting cautiously, anticipating that bitcoin might need time to consolidate before moving higher.
<a target="_blank" href="https://x.com/AxelAdlerJr/status/1856574271989924248″ target=”_blank” rel=”nofollow”>According to key data from CryptoQuant analyst Axel AdlerThe market is now experiencing moderate selling pressure. Adler's analysis points to a possible consolidation phase, as short-term holders take profits. It specifically examines the short-term holder's realized profit and loss data, which reveals that the current selling pressure is relatively mild compared to historical periods of peak selling.
In Adler's view, this moderate pressure suggests that btc's recent rally may not end. It highlights the clusters of intense selling seen in previous peaks, marked as Clusters 1, 2, and 3 on its chart, which show significantly higher levels of selling pressure than we see today. This data implies that while some profit-taking is occurring, it is nowhere near the intense levels seen at previous highs.
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As bitcoin approaches consolidation, this moderate selling pressure could set the stage for a more stable rally. Investors are watching this moment to assess whether btc will gain strength for the next bullish leg or continue to cool, forming a solid base around current levels before another possible breakout.
btc tests new supply levels (again)
bitcoin has officially entered a long-awaited price discovery phase, recently marking a new all-time high of $90,243. btc, currently trading around $87,500, has seen days of intense buying pressure and record highs. However, the market may see a period of consolidation below the $90,000 threshold as traders assess new levels of demand, potentially around $80,000.
The next few days will be critical in determining btc's short-term path. If bitcoin holds above the $85,000 mark, this would indicate resilience and would likely encourage a push towards areas of higher supply as bullish momentum increases. However, if btc loses this level, a pullback towards lower demand near $82,000 could come into play, allowing for a more stable base before the next recovery attempt.
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Analysts consider this consolidation phase necessary after btc's rapid rise as it allows the market to establish support. Staying within the current range would indicate strength, suggesting that btc is well positioned for further gains. Investors are now watching closely, assessing whether btc will lock in its recent gains or encounter a brief reset before aiming for new heights.
Featured image of Dall-E, TradingView chart
