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.
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.
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.
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