Analyst: Bitcoin's pullback is highly correlated with Coinbase's sell-off since October 26

Odaily星球日报讯 Bitcoin has experienced a significant pullback, dropping 15% from its historical high of $108,300. This price decline marks a sharp shift in market sentiment, which has quickly turned from extremely bullish to uncertain and cautious. As altcoins have been severely impacted, Bitcoin's pullback has raised concerns about the sustainability of the recent upward trend. Top analyst Maartunn recently emphasized that this adjustment aligns with the most severe sell-off activity on Coinbase since October 26, when the BTC trading price was $66,000. The increased selling pressure clearly indicates a shift in the market from a bullish sentiment to one filled with fear and hesitation. The combination of reduced buying activity and increased selling pressure suggests that the market is struggling to maintain its upward momentum. Additionally, Bitcoin is currently testing the $92,000 threshold in search of support. (Bitcoinist)