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Like September, often seen as a negative month for bitcoin, A cryptocurrency expert has noted that the digital asset is at risk of experiencing prolonged selling pressure amid recent market volatility and uncertainty. Recent data suggests that negative sentiment is growing as more investors may want to sell their btc in response to turbulent market conditions.
Will bitcoin suffer from prolonged selling pressure?
In a pessimistic survey, Ali Martinez, a popular market analyst and trader, x.com/ali_charts/status/1830230418164977702″ target=”_blank” rel=”nofollow”>underlined a trend of continued selling pressure for bitcoin, the largest cryptocurrency asset.
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Martinez bases his projections on the short-term bitcoin holder realized price, and notes a prolonged bearish movement around the metric, particularly over the past two months. The development has sparked speculation within the crypto community about the coin’s near-term prospects.
It is worth noting that the recent bitcoin buying behavior can be estimated using the short-term holder’s realized price. Given their increased propensity to sell if the price falls below their entry point, the metric serves as resistance during downtrends.
According to the expert, bitcoin has struggled to break above this level since 2022, currently at the $63,250 price mark. Therefore, until the crypto asset reclaims this region as a support range, Martinez is confident that there is a chance that Selling pressure will persist, suggesting negative behavior for btc in the short term.
In particular, if key support levels are broken, there may be further price declines for btc due to this selling pressure. Therefore, the market expert has urged bitcoin-investors-greedy-again-could-btc/” target=”_blank” rel=”nofollow”>investors be more alert at times like this, which could lead to further losses in the market.
If a bearish scenario occurs this September bitcoin-long-term-view-still-looks-promising/” target=”_blank” rel=”nofollow”>Outlook for btcThe development could catalyze this selling pressure due to the negative movement of digital assets on a monthly basis over the past 10 years.
btc warm supply reached a price level of $60,000
While the short-term holder realized price is showing a bearish trend, Martinez, considering the warm supply realized price for btc, x.com/ali_charts/status/1829862953794818067″ target=”_blank” rel=”nofollow”>Outstanding a possible start of an extended bear market in another post on Platform x (formerly twitter).
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When bitcoin rises above the realized warm supply price, it indicates a positive sign of growth. Meanwhile, when it falls below the level, it suggests an extended bear market soon.
This level, according to Martinez, is at $66,000 right now, and if btc remains below the level, Martinez emphasizes a strategic approach to bullfightingimplying a possible broader bearish sentiment.
The market’s ability to absorb selling activity without witnessing major price drops will be a crucial determinant of btc’s near-term direction as traders and investors must proceed with caution.
Featured image from Adobe Stock, chart from Tradingview.com
