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Bitfinex Analyst: Bitcoin May Have Reached Local High, Some Traders Starting to Take Profits
Summary: According to Cointelegraph, a Bitfinex analyst has stated that Bitcoin's three-month uptrend may be losing momentum as buying pressure weakens and more traders begin to take profits. This marks the first sign of weakening momentum in this uptrend. However, the analyst also warns that based on order flow and on-chain indicators, Bitcoin may be entering ...
According to Cointelegraph, a Bitfinex analyst has stated that Bitcoin's three-month uptrend may be losing momentum as buying pressure weakens and more traders begin to take profits. This marks the first sign of weakening momentum in this uptrend. However, the analyst also warns that based on order flow and on-chain indicators, Bitcoin may be entering a period of consolidation or nearing a local high, rather than continuing its vertical acceleration. Spot trading volume has decreased, active buy pressure has weakened, and profit-taking behavior has intensified - especially among short-term holders who have held since below $80,000.
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Link: Bitfinex Analyst: Bitcoin May Have Reached Local High, Some Traders Starting to Take Profits [Copy]