Coinspeaker
Bitcoin Buying Interest Majorly Absorbs Sell-side Pressure, BTC Price Surge Ahead?

The world’s largest cryptocurrency Bitcoin (BTC) has been facing some volatility recently dropping over 10% from its all-time high levels in March. As of now, Bitcoin is forming a base of around $66,000 before deciding upon the next course of action from here onwards.

Despite this downward price movement, on-chain data shows that buyers have been able to significantly absorb the downward selling pressure. Pseudonymous crypto analyst Checkmate posted on social media platform X that the BTC price pullbacks are barely hitting the 20% downside.

Furthermore, the current BTC price retracement from its all-time high levels remains capped at 10%. Citing data from Checkonchain, the analyst reported that the recent profit-taking and sell-side pressure has been mostly absorbed by the Bitcoin bulls.

A similar kind of occurrence took place last year in September 2023, with subsequent drawdowns reaching no higher than 15.8%.

Still my favourite #Bitcoin chart of this cycle.

Market is absorbing hundred million d...