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 large number of orders. This increase in total bitcoin sell orders is particularly concentrated within 5% to 10% of the exchange midpoint, which limits greater price increases.
"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 upward movement," Coinbase analysts said in a note on Friday.
Analysis: Bitcoin's recent gains may be limited by sellers taking profits
2024-07-19 15:44:12
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