BTC continues to consolidate as selling pressure continues after Bitcoin ETF approvals.
While investors wonder when Bitcoin will rise again, analysts said negative headwinds for BTC continue.
Speaking to CoinDesk, CryptoQuant analysts said further downside risks remain for Bitcoin.
“Many on-chain metrics and indicators indicate that the price correction may not be over, or at least a new rally is still not on the cards.
Short-term investors and large Bitcoin holders are still making significant sales as part of a risk-averse attitude.
Additionally, unrealized profit margins have not fallen enough to drive sellers out. At this point, the sales and decline in Bitcoin may continue.”
Apart from CryptoQuant analysts, FxPro senior market analyst Alex Kuptsikevich also evaluated Bitcoin.
Stating that systematic sales of Bitcoin continue, the analyst said that the intraday dynamics in BTC indicate more systematic sales.
*This is not investment advice.
