Bitcoin Market Faces Selling Pressure of $6.5B-$11.8B Amid Market Uncertainty

IconCryptoNewsTerminal Staff09 Jul, 2024

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Bitcoin Market Faces Selling Pressure of $6.5B-$11.8B Amid Market Uncertainty

Bitcoin's market is facing selling pressure that could persist through the summer, raising concerns about the uncertain crypto market climate. According to Vetle Lunde, senior analyst at K33 Research, the market may endure selling pressure equivalent to 75,000 to 118,000 bitcoin, approximately $4.3 billion to $6.8 billion, due to the German government and Mt. Gox rehabilitations. Lunde's analysis suggests that the market may continue to face headwinds, potentially extending the period of volatility and uncertainty for the crypto industry. Investors are closely monitoring the situation, as the market's ability to absorb this selling pressure will impact Bitcoin's price and the broader crypto market sentiment.

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