Coinbase Analysts Note Rise in Sell Orders, Limiting Bitcoin's Price Surge

IconCryptoNewsTerminal Staff19 Jul, 2024

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Coinbase Analysts Note Rise in Sell Orders, Limiting Bitcoin's Price Surge

Coinbase analysts have identified a trend that could potentially hinder Bitcoin's recent price appreciation. Sell orders on the exchange have increased, indicating a growing willingness among traders to cash in on the cryptocurrency's recent gains. This trend, as noted by David Duong and David Han of Coinbase Institutional, suggests that the higher Bitcoin's price rises, the more likely market participants are to sell. This dynamic, they believe, acts as a headwind for further price increases. The report also highlights the imbalance between buys and sells, suggesting that the influx of sell orders could limit Bitcoin's upside potential.