{"id":633476,"date":"2024-08-06T20:00:51","date_gmt":"2024-08-06T20:00:51","guid":{"rendered":"https:\/\/ktsl888.com\/?p=633476"},"modified":"2024-08-06T12:21:58","modified_gmt":"2024-08-06T12:21:58","slug":"bitcoin-sellers-out-of-coins","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-sellers-out-of-coins\/","title":{"rendered":"Bitcoin Sellers Running Out Of Coins As Dominance Hits 3-Year High"},"content":{"rendered":"

Crypto analyst Rekt Capital<\/span><\/a> has provided some form of optimism for Bitcoin investors, suggesting that the massive sell pressure on the flagship crypto is almost over. This comes amid a significant surge in <\/span>Bitcoin\u2019s dominance<\/span><\/a>.<\/span><\/p>\n

Bitcoin Seller Exhaustion Is At Its Peak<\/h2>\n

In an X (formerly Twitter) <\/span>post<\/span><\/a>, Rekt Capital mentioned that \u201cthe <\/span>sell-side volume<\/span><\/a> has reached and even dramatically eclipsed Seller Exhaustion levels seen at previous price reversals to the upside.\u201d The analyst added that Bitcoin hasn\u2019t seen this level of sell-side volume since the <\/span>Halving event<\/span><\/a> in April earlier this year.\u00a0<\/span><\/p>\n

Related Reading: VanEck CEO Compares Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

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. This is already happening, as Bitcoin has rebounded in the last 24 hours, following its drop <\/span>below $50,000<\/span><\/a> for the first time since January.\u00a0<\/span><\/p>\n

Rekt Capital also <\/span>suggested<\/span><\/a> that Bitcoin could rebound to as high as $62,550 in the short term as it looks to fill the <\/span>CME gap<\/span><\/a>, which is currently between $59,400 and $62,550. He noted that the odds favor Bitcoin filling this gap since the crypto token has filled all of the CME Gaps it has created over the past several months.\u00a0<\/span><\/p>\n

\"BTC
Source: X<\/figcaption><\/figure>\n

Crypto analyst Skew also <\/span>commented<\/span><\/a> on the massive sell-side volume that Bitcoin recently experienced. He explained that this happened because Bitcoin failed to hold above $70,000 following its July price rebound. The analyst added that there is \u201cno actual chaos yet,\u201d suggesting there was no need to be worried about the recent price correction.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

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. Veteran trader and analyst <\/span>Peter Brandt<\/span><\/a> noted that Bitcoin\u2019s 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.\u00a0<\/span><\/p>\n

\"BTC
Source: X<\/figcaption><\/figure>\n

BTC’s Dominance Hits 3-Year High<\/h2>\n

Amid the market turmoil, <\/span>data<\/span><\/a> from Coinglass shows that <\/span>Bitcoin\u2019s dominance<\/span><\/a> recently hit its highest level since April 2021. This rise has been largely due to the <\/span>Spot Bitcoin ETFs,<\/span><\/a> which have caused new money to flow into the Bitcoin ecosystem. Meanwhile, altcoins have had to battle for capital from existing retail investors who continue to <\/span>divest their money<\/span><\/a> between several crypto assets.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here?<\/a><\/div>\n

Crypto analysts like Roman have suggested that Bitcoin\u2019s dominance will likely continue to rise for now, as he <\/span>predicted<\/span><\/a> that the flagship crypto will continue to suck up all the liquidity until later this year. He expects <\/span>Ethereum and other altcoins<\/span><\/a> to continue trading sideways during this period.\u00a0\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $56,000, up over 10% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.<\/span><\/p>\n

\"Bitcoin
BTC price trending at $55,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n

Featured image from Cointribune, chart from Tradingview.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto analyst Rekt Capital has provided some form of optimism for Bitcoin investors, suggesting that the massive sell pressure on the flagship crypto is almost over. This comes amid a significant surge in Bitcoin\u2019s dominance. Bitcoin Seller Exhaustion Is At Its Peak In an X (formerly Twitter) post, Rekt Capital mentioned that \u201cthe sell-side volume has reached and even dramatically eclipsed Seller Exhaustion levels seen at previous price reversals to the upside.\u201d The analyst added that Bitcoin hasn\u2019t seen this level of sell-side volume since the Halving event in April earlier this year.\u00a0 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. This is already happening, as Bitcoin has rebounded in the last 24 hours, following its drop below $50,000 for the first time since January.\u00a0 Rekt Capital also suggested that Bitcoin could rebound to as high as $62,550 in the short term as it looks to fill the CME gap, which is currently between $59,400 and $62,550. He noted that the odds favor Bitcoin filling this gap since the crypto token has filled all of the CME Gaps it has created over the past several months.\u00a0 Crypto analyst Skew also commented on the massive sell-side volume that Bitcoin recently experienced. He explained that this happened because Bitcoin failed to hold above $70,000 following its July price rebound. The analyst added that there is \u201cno actual chaos yet,\u201d suggesting there was no need to be worried about the recent price correction.\u00a0 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. Veteran trader and analyst Peter Brandt noted that Bitcoin\u2019s 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.\u00a0 BTC’s Dominance Hits 3-Year High Amid the market turmoil, data from Coinglass shows that Bitcoin\u2019s dominance recently hit its highest level since April 2021. This rise has been largely due to the Spot Bitcoin ETFs, which have caused new money to flow into the Bitcoin ecosystem. Meanwhile, altcoins have had to battle for capital from existing retail investors who continue to divest their money between several crypto assets.\u00a0 Related Reading: Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here? Crypto analysts like Roman have suggested that Bitcoin\u2019s dominance will likely continue to rise for now, as he predicted that the flagship crypto will continue to suck up all the liquidity until later this year. He expects Ethereum and other altcoins to continue trading sideways during this period.\u00a0\u00a0 At the time of writing, Bitcoin is trading at around $56,000, up over 10% in the last 24 hours, according to data from CoinMarketCap. Featured image from Cointribune, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":633499,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,13510,656,679,92845,1119,89185,1122,92844,78790],"class_list":["post-633476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-dominance","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-sellers","tag-btc","tag-btc-news","tag-btc-price","tag-btcudst","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Sellers Running Out Of Coins As Dominance Hits 3-Year High<\/title>\n<meta name=\"description\" content=\"Crypto analyst Rekt Capital has provided some form of optimism for Bitcoin investors, suggesting that the sell pressure is almost over.\" \/>\n<meta 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Sellers Running Out Of Coins As Dominance Hits 3-Year High","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-sellers-out-of-coins\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-sellers-out-of-coins\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin-BTC.jpeg?resize=200%2C183","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/Bitcoin-BTC.jpeg?fit=275%2C183"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin dominance","bitcoin news","bitcoin price","bitcoin sellers","btc","btc news","btc price","btcudst","btcusdt"],"dateCreated":"2024-08-06T20:00:51Z","datePublished":"2024-08-06T20:00:51Z","dateModified":"2024-08-06T20:00:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Sellers Running Out Of Coins As Dominance Hits 3-Year High\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-sellers-out-of-coins\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-sellers-out-of-coins\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-BTC.jpeg?resize=200%2C183\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Bitcoin-BTC.jpeg?fit=275%2C183\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin dominance\",\"bitcoin news\",\"bitcoin price\",\"bitcoin sellers\",\"btc\",\"btc news\",\"btc price\",\"btcudst\",\"btcusdt\"],\"dateCreated\":\"2024-08-06T20:00:51Z\",\"datePublished\":\"2024-08-06T20:00:51Z\",\"dateModified\":\"2024-08-06T20:00:51Z\"}<\/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\/08\/Bitcoin-BTC.jpeg?fit=275%2C183","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/633476"}],"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\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=633476"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/633476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/633499"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=633476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=633476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=633476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}