ChainCatcher news, reported by Bitcoinist, Bitcoin has experienced a significant pullback, dropping 15% from its historical high of $108,300. This price drop marks a sharp shift in market sentiment, which has quickly changed from extremely bullish to uncertain and cautious. As altcoins have been hit hard, Bitcoin's pullback has raised concerns about the sustainability of the recent rally.
Top analyst Maartunn recently emphasized that this adjustment coincides with the most severe sell-off activity on Coinbase since October 26, when the BTC trading price was $66,000. The increase in selling pressure clearly indicates a shift in the market from a bullish phase to one filled with fear and hesitation. The combination of reduced buying activity and rising selling pressure suggests that the market is struggling to maintain upward momentum.
Additionally, Bitcoin is currently testing the $92,000 key level for support.
