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bitcoin has maintained its bullish momentum over the weekend, solidifying its position above the $90,000 mark. This milestone shows bitcoin's resilience as it continues to captivate investors with its upward trajectory. The market has been full of optimism as bitcoin approaches new highs. However, recent data on the chain suggests that a possible pullback could be on the horizon.
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Key data from CryptoQuant reveals that bitcoin miners have sold over 3,000 btc in the last 48 hours. This wave of profit-taking by miners often signals a cooling phase as it introduces additional supply into the market. While selling activity is not uncommon during periods of strong price action, it could lead to a short-term consolidation phase below the all-time high of $93,400 set earlier this week.
Despite this, bitcoin's ability to stay above $90,000 highlights strong underlying demand and solid market sentiment. Investors and analysts will closely monitor the coming days to see if bitcoin can absorb this selling pressure and maintain its bullish trajectory.
bitcoin seems very strong
bitcoin price action has remained strong, surpassing all-time highs multiple times over the past 11 days and reaffirming its bullish momentum. However, after such an aggressive bullish move, the market appears to be entering a period of consolidation as some investors and entities lock in profits.
<a target="_blank" href="https://x.com/ali_charts/status/1857892752605798756″ target=”_blank” rel=”nofollow”>Cryptoanalyst Ali Martinez shared key data about x That highlights that bitcoin miners have sold more than 3,000 btc in the last 48 hours, valued at approximately $273 million. This selling activity suggests that miners, typically long-term holders, are making profits amid the recent rally. These moves are common during strong bull runs and may indicate that market participants anticipate a short-term price plateau or pullback.
While miner sales are a natural part of market dynamics, sustained activity of this type could signal a change in sentiment. If selling pressure persists, it could push bitcoin into areas of lower demand, providing potential re-entry opportunities for sidelined investors.
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Currently, bitcoin's ability to absorb this selling pressure will determine whether the current uptrend remains intact. A brief consolidation phase can be beneficial as it will allow the market to establish a stronger foundation for the next leg up. For now, investors are closely watching key levels to assess the potential for continued growth or a deeper correction.
btc remains stable above $90,000
bitcoin is currently trading at $90,600 after a volatile few days that saw its price swing between its all-time high of $93,483 and a local low of $86,600. This consolidation comes after an aggressive bullish push that set new records, leaving investors and analysts closely watching the next moves.
Despite the recent cooldown, bitcoin price action remains strong, supported by growing demand and overall bullish sentiment. If bitcoin can hold above the $86,000 level over the next few days, a further rise to challenge and potentially surpass its all-time high seems plausible. The market has proven resilient and new demand continues to emerge even with small profit takings.
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However, there is a risk of a deeper pullback. If bitcoin were to lose the $86,000 support, it would likely test lower demand levels, looking for a solid foundation to fuel its next bullish move. Key support zones could set the stage for renewed buying interest and set the stage for the next bullish phase.
Featured image of Dall-E, TradingView chart
