{"id":630659,"date":"2024-07-19T22:00:05","date_gmt":"2024-07-19T22:00:05","guid":{"rendered":"https:\/\/ktsl888.com\/?p=630659"},"modified":"2024-07-19T17:39:00","modified_gmt":"2024-07-19T17:39:00","slug":"coinbase-analysts-warn-bitcoin-upward-trend-hit-wall","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/coinbase-analysts-warn-bitcoin-upward-trend-hit-wall\/","title":{"rendered":"Coinbase Analysts Warn: Bitcoin’s Upward Trend Could Hit a Wall \u2014 Here\u2019s Why"},"content":{"rendered":"

As Bitcoin is experiencing an uptrend<\/a> in price increasing by 12.6% in the past week to trade above $66,000, analysts at Coinbase in a Friday report have disclosed potential limitations to its upward trajectory due to “increasing sell orders” on the exchange.<\/p>\n

According to the report<\/a>, the recent appreciation in Bitcoin’s value has tempted many traders to capitalize by selling, which could curb further gains.<\/p>\n

Related Reading: Market Strategist Says Bitcoin Downtrend Is Finally Over, Here\u2019s Where Price Is Headed Next<\/a><\/div>\n

A Wall Ahead, What Happens To Bitcoin Then?<\/h2>\n

This report, which analyzes the market’s overall picture, was compiled by Coinbase researchers David Duong and David Han. They noted that sell orders have been rising on Coinbase within 5% to 10% of the mid-price, indicating a strong desire not to see higher prices<\/a> for the digital currency.<\/p>\n

This suggests there might be a cooling-off from recent highs as traders take profits and reposition in response to current market conditions.<\/p>\n

According to Duong and Han:<\/p>\n

We may be seeing some profit taking at current levels and\/or a greater willingness by market participants to sell into price appreciation, which may limit price moves to the upside<\/p><\/blockquote>\n

Such activities are essential market sentiment indicators that could influence Bitcoin’s short-term value. In their analysis, Duong and Han also reference data from Arkham Intelligence, which highlights some external factors that are also at play contributing to the sell-side pressure.<\/p>\n

One significant factor is the ongoing Mt. Gox repayments, which have seen nearly 50,000 Bitcoin moved to exchanges since July 5. Despite this, the Mt. Gox trustee still holds a considerable amount of BTC<\/a>, adding a layer of uncertainty and potential sell-side pressure to the market.<\/p>\n

However, some positive factors might help to offset the increased selling demand. One of the most relevant factors is the US political situation.<\/p>\n

In July, the U.S. political dynamics shifted dramatically resulting in a significant depreciation of the US dollar; the DXY index (which measures the dollar against a basket of other major currencies) falling by more than 2%, according to the report.<\/p>\n

Since the value of Bitcoin is primarily valued in US dollars, a weaker dollar means a higher relative value<\/a> of Bitcoin which may provide a buffer against some of the downward pressures from increased sell orders.<\/p>\n

Further Roadblock On The Horizon<\/h2>\n

Besides the Coinbase report that has already signaled an impending correction<\/a> for Bitcoin, legendary crypto trader, Perter Brandt has also recently shared<\/a> a notable concern for the top crypto.<\/p>\n

Brandt discloses that while he is “impressed” by Bitcoin’s upward trajectory so far, “the sequence of lower highs and lower lows continues despite the halving, despite the [exchange-traded fund] ETf, despite the hype.”<\/p>\n

\"Bitcoin
Bitcoin chart shared by Peter Brandt on X<\/figcaption><\/figure>\n

This statement suggests a troubling trend for Bitcoin, indicating that instead of the asset having broken out of its current range, it has only continued to move in lower highs and lows.<\/p>\n

Related Reading: Mass Exodus? Over 672,000 Bitcoin Holders Drop Out Amid Market Shifts<\/a><\/div>\n

Bitcoin trades for $66,447, a 3.9% rise from its previous lows of $63,229 in the past 24 hours.<\/p>\n

\"Bitcoin
BTC price is moving upwards on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

As Bitcoin is experiencing an uptrend in price increasing by 12.6% in the past week to trade above $66,000, analysts at Coinbase in a Friday report have disclosed potential limitations to its upward trajectory due to “increasing sell orders” on the exchange. According to the report, the recent appreciation in Bitcoin’s value has tempted many traders to capitalize by selling, which could curb further gains. Related Reading: Market Strategist Says Bitcoin Downtrend Is Finally Over, Here\u2019s Where Price Is Headed Next A Wall Ahead, What Happens To Bitcoin Then? This report, which analyzes the market’s overall picture, was compiled by Coinbase researchers David Duong and David Han. They noted that sell orders have been rising on Coinbase within 5% to 10% of the mid-price, indicating a strong desire not to see higher prices for the digital currency. This suggests there might be a cooling-off from recent highs as traders take profits and reposition in response to current market conditions. According to Duong and Han: We may be seeing some profit taking at current levels and\/or a greater willingness by market participants to sell into price appreciation, which may limit price moves to the upside Such activities are essential market sentiment indicators that could influence Bitcoin’s short-term value. In their analysis, Duong and Han also reference data from Arkham Intelligence, which highlights some external factors that are also at play contributing to the sell-side pressure. One significant factor is the ongoing Mt. Gox repayments, which have seen nearly 50,000 Bitcoin moved to exchanges since July 5. Despite this, the Mt. Gox trustee still holds a considerable amount of BTC, adding a layer of uncertainty and potential sell-side pressure to the market. However, some positive factors might help to offset the increased selling demand. One of the most relevant factors is the US political situation. In July, the U.S. political dynamics shifted dramatically resulting in a significant depreciation of the US dollar; the DXY index (which measures the dollar against a basket of other major currencies) falling by more than 2%, according to the report. Since the value of Bitcoin is primarily valued in US dollars, a weaker dollar means a higher relative value of Bitcoin which may provide a buffer against some of the downward pressures from increased sell orders. Further Roadblock On The Horizon Besides the Coinbase report that has already signaled an impending correction for Bitcoin, legendary crypto trader, Perter Brandt has also recently shared a notable concern for the top crypto. Brandt discloses that while he is “impressed” by Bitcoin’s upward trajectory so far, “the sequence of lower highs and lower lows continues despite the halving, despite the [exchange-traded fund] ETf, despite the hype.” This statement suggests a troubling trend for Bitcoin, indicating that instead of the asset having broken out of its current range, it has only continued to move in lower highs and lows. Related Reading: Mass Exodus? Over 672,000 Bitcoin Holders Drop Out Amid Market Shifts Bitcoin trades for $66,447, a 3.9% rise from its previous lows of $63,229 in the past 24 hours. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":630671,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,6848,1119,1393],"class_list":["post-630659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-coinbase"],"acf":[],"yoast_head":"\nCoinbase Analysts Warn: Bitcoin Upward Trend Could Hit a Wall \u2014 Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"As Bitcoin is currently experiencing an uptrend in price increasing by 12.6% in the past week to trade above $66,000, analysts at Coinbase...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Edyme","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","caption":"Samuel Edyme"},"description":"Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Coinbase Analysts Warn: Bitcoin’s Upward Trend Could Hit a Wall \u2014 Here\u2019s Why","url":"http:\/\/ktsl888.com\/bitcoin-news\/coinbase-analysts-warn-bitcoin-upward-trend-hit-wall\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/bitcoin-news\/coinbase-analysts-warn-bitcoin-upward-trend-hit-wall\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-19-18.21.36-Create-a-featured-image-for-an-article-titled-Coinbase-Analysts-Warn_-Bitcoins-Upward-Trend-Could-Hit-a-Wall-\u2014-Heres-Why.-Show-the-Bitcoin-BTC-s.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-19-18.21.36-Create-a-featured-image-for-an-article-titled-Coinbase-Analysts-Warn_-Bitcoins-Upward-Trend-Could-Hit-a-Wall-\u2014-Heres-Why.-Show-the-Bitcoin-BTC-s.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin market","bitcoin price prediction","btc","coinbase"],"dateCreated":"2024-07-19T22:00:05Z","datePublished":"2024-07-19T22:00:05Z","dateModified":"2024-07-19T22:00:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Coinbase Analysts Warn: Bitcoin’s Upward Trend Could Hit a Wall \\u2014 Here\\u2019s Why\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/coinbase-analysts-warn-bitcoin-upward-trend-hit-wall\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/coinbase-analysts-warn-bitcoin-upward-trend-hit-wall\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/DALL\\u00b7E-2024-07-19-18.21.36-Create-a-featured-image-for-an-article-titled-Coinbase-Analysts-Warn_-Bitcoins-Upward-Trend-Could-Hit-a-Wall-\\u2014-Heres-Why.-Show-the-Bitcoin-BTC-s.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/DALL\\u00b7E-2024-07-19-18.21.36-Create-a-featured-image-for-an-article-titled-Coinbase-Analysts-Warn_-Bitcoins-Upward-Trend-Could-Hit-a-Wall-\\u2014-Heres-Why.-Show-the-Bitcoin-BTC-s.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin market\",\"bitcoin price prediction\",\"btc\",\"coinbase\"],\"dateCreated\":\"2024-07-19T22:00:05Z\",\"datePublished\":\"2024-07-19T22:00:05Z\",\"dateModified\":\"2024-07-19T22:00:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-19-18.21.36-Create-a-featured-image-for-an-article-titled-Coinbase-Analysts-Warn_-Bitcoins-Upward-Trend-Could-Hit-a-Wall-\u2014-Heres-Why.-Show-the-Bitcoin-BTC-s.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/630659"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=630659"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/630659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/630671"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=630659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=630659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=630659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}