ChainCatcher news, according to The Block, Coinbase research analysts David Duong and David Han said that the market depth of Bitcoin on Coinbase has recently shown an imbalance between buy and sell orders, with a larger number of buy orders. This growth in total Bitcoin sell orders is particularly concentrated within 5% to 10% of the exchange's mid-price, which limits greater price increases.

Coinbase analysts said in a report on Friday: "The data suggests that we may see some profit-taking at current levels, and/or market participants are more willing to sell when prices rise, which may limit the room for prices to move upward."