Bitcoin ($BTC) remains confined within a narrow range. on the other hand, $BTC While the price has struggled to rise above $75,000 in recent days, one analyst claimed that the selling pressure on Bitcoin has eased.
Zaheer Ebtikar, founder of Split Research, told Coindesk that Bitcoin sellers sensitive to macroeconomic uncertainty have already exited the market, and selling pressure has subsided.
At this point, analysts pointed out that Bitcoin’s relatively calm situation indicates a change in market structure.
“Bitcoin’s surplus has been eliminated and those concerned about quantitative instability such as macroeconomic changes and quantum technology have already exited the market. Therefore, selling pressure is much weaker than it was a few months ago.”
The analyst also added: $BTC They are less sensitive to regulatory rumors and central bank policy than people think.
Ebtikar concluded by stating that Bitcoin is currently in a stable price range and a sudden wave of sell orders is not imminent.
Finally, Bitget’s analysts also assessed the current state of Bitcoin. Analysts say the $75,000 level, which has been maintained since the end of March, is a very important support level for Bitcoin.
However, a break below this level could open the door to further decline. A rebound and breakout above $80,000 from current levels would sustain Bitcoin’s bullish trend and pave the way for a retest of the resistance level that has been rejected in every rally since February.
*This is not investment advice.
