Overall, the data suggests that despite short-term selling pressure, some fundamental factors still show relatively positive signs for the Bitcoin market. Selling pressure from miners and long-term holders is low, but sentiment from institutional investors and the US market is somewhat weak. Volatility may continue, with technical indicators suggesting that the market might be nearing a short-term peak, especially due to overbought signals from the Stochastic indicator.
Investors should remain cautious, as profit-taking and selling pressure are evident from several sources. However, there is still potential for a longer-term bullish trend if selling pressure eases and market sentiment improves.
Written by CRYPTOHELL
