Bitcoin Sellers are Starting to Disappear as Analysts Forecast Major Growth

Bitcoin Sellers are Starting to Disappear as Analysts Forecast Major Growth

Bitcoin was by far the top performing cryptocurrency, with most of the major altcoins underperforming heavily in the past few days and weeks.

While many investors provided Altcoins with serious capital in the hopes that smaller tokens would represent a higher beta game that outperforms BTC, the benchmark’s massive rally in cryptocurrency has sucked all the oxygen out of the room.

As long as the momentum continues and investors shift capital away from BTC and into altcoins, there is a strong chance it will continue to outperform the aggregate cryptocurrency market.

A trader is now pointing out the lack of strong selling pressure Bitcoin is now facing as its price rises above $ 28,000 as a positive sign. This exhaustion among sellers seems to suggest that it is preparing for another higher leg that will take it to new all-time highs.

While he was talking about it, a prominent trader stated that he is watching for BTC to “broadcast” higher in the coming hours. He specifically points out that the fact that no sellers are showing up on the highs of the crypto suggests that pricing will resume soon.

This can put pressure on altcoins in the short term, as they usually struggle to rise alongside the benchmark cryptocurrency.

Bitcoin rockets top $ 28,000 as bulls target new all-time highs

At the time of writing, Bitcoin is trading just under 3% at its current price of $ 28,100. There was serious selling pressure here in the past week.

A break above the highs of $ 28,500 could result in a continuation of the pricing that the cryptocurrency has been going through lately.

These highs were visited overnight but the selling pressure here was significant and resulted in a rather intense short-term sell-off.

Lack of aggressive sales above $ 28,000 for an impending uptrend

A trader stated that the lack of aggressive sales above $ 28,000 was a good sign for Bitcoin and may suggest that an uptrend is imminent for the cryptocurrency.

“BTC seems to want to send. No sellers show up on the heights. I’m neither short nor “covered”, it seems like pricing will continue … “

Image courtesy of SalsaTekila. Source: BTCUSD on TradingView.

If Bitcoin continues to see price spikes in the short term, it could be poised to hit the psychologically important level of $ 30,000 as everyone expects some resistance here.

Featured image from Unsplash. TradingView charts.

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