Coinbase research analysts David Duong and David Han said that Bitcoin's market depth on Coinbase has recently shown an imbalance between buy and sell orders, with a higher number of buy orders. This increase in total Bitcoin sell orders is particularly concentrated within 5% to 10% of the exchange's mid-price, which limits the price to rise further.

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