Bitcoin

Rekt (rektarb.xyz)

Rekt

<a href="https://bitcoinist.com/bitcoin-cycle-might-be-shorter-than-usual/" rel="nofollow">Crypto analyst Rekt Capital</a> has provided some form of optimism for Bitcoin investors, suggesting that the massive sell pressure on the flagship crypto is almost over. This comes amid a significant surge in <a href="https://www.newsbtc.com/news/ethereum/ethereum-crypto-analyst-1900/#:~:text=If%20that%20happens%2C%20Ethereum%20could,its%20current%20price%20of%20%241%2C600.">Bitcoin’s dominance</a>. 
<h2 id="bitcoin-seller-exhaustion-is-at-its-peak">Bitcoin Seller Exhaustion Is At Its Peak</h2> 
In an X (formerly Twitter) <a href="https://x.com/rektcapital/status/1820393106665079278" rel="nofollow">post</a>, Rekt Capital mentioned that “the <a href="https://bitcoinist.com/bitcoin-spike-in-trading-volume/" rel="nofollow">sell-side volume</a> has reached and even dramatically eclipsed Seller Exhaustion levels seen at previous price reversals to the upside.” The analyst added that Bitcoin hasn’t seen this level of sell-side volume since the <a href="https://bitcoinist.com/bitcoin-bull-market-glassnode/" rel="nofollow">Halving event</a> in April earlier this year.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-633482" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-1.png?w=460&amp;resize=460%2C308" alt="Bitcoin 1" width="460" height="308" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-1.png?w=460&amp;resize=460%2C308 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
This undoubtedly presents a bullish development for the flagship crypto since Bitcoin is bound to witness a massive reversal with the sell pressure almost over. This is already happening, as Bitcoin has rebounded in the last 24 hours, following its drop <a href="https://bitcoinist.com/bitcoins-price-at-risk-of-falling-to-50000/" rel="nofollow">below $50,000</a> for the first time since January.&nbsp; 
Rekt Capital also <a href="https://x.com/rektcapital/status/1820560337684283739" rel="nofollow">suggested</a> that Bitcoin could rebound to as high as $62,550 in the short term as it looks to fill the <a href="https://bitcoinist.com/bitcoin-price-crashed-58000/" rel="nofollow">CME gap</a>, which is currently between $59,400 and $62,550. He noted that the odds favor Bitcoin filling this gap since the crypto token has filled all of the CME Gaps it has created over the past several months.&nbsp; 
<img loading="lazy" decoding="async" class="wp-image-633483 size-medium" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-2.png?w=460&amp;resize=460%2C324" alt="BTC 2" width="460" height="324" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-2.png?w=460&amp;resize=460%2C324 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-2.png?w=120 120w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Crypto analyst Skew also <a href="https://x.com/52kskew/status/1820452481958334806" rel="nofollow">commented</a> on the massive sell-side volume that Bitcoin recently experienced. He explained that this happened because Bitcoin failed to hold above $70,000 following its July price rebound. The analyst added that there is “no actual chaos yet,” suggesting there was no need to be worried about the recent price correction.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-633484" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-3.png?w=460&amp;resize=460%2C239" alt="Bitcoin 3" width="460" height="239" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-3.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-3.png?w=460&amp;resize=460%2C239 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
With seller exhaustion at its peak, there is also the likelihood that Bitcoin has found a bottom and that this could be the final correction before the bull run kicks into full gear. Veteran trader and analyst <a href="https://bitcoinist.com/bitcoin-price-past-halving-cycles/" rel="nofollow">Peter Brandt</a> noted that Bitcoin’s decline since the halving means it has now achieved a price drop similar to the one during the 2015 to 2017 Halving bull market cycle.&nbsp; 
<img loading="lazy" decoding="async" class="wp-image-633485 size-medium" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-4.png?w=460&amp;resize=460%2C181" alt="BTC 4" width="460" height="181" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-4.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-4.png?w=460&amp;resize=460%2C181 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<h2 id="btc-s-dominance-hits-3-year-high">BTC’s Dominance Hits 3-Year High</h2> 
Amid the market turmoil, <a href="https://www.coinglass.com/pro/i/MarketCap" rel="nofollow">data</a> from Coinglass shows that <a href="https://bitcoinist.com/bitcoin-dominance-bearish-wedge/" rel="nofollow">Bitcoin’s dominance</a> recently hit its highest level since April 2021. This rise has been largely due to the <a href="https://bitcoinist.com/bitcoin-spot-etfs-inflow/" rel="nofollow">Spot Bitcoin ETFs,</a> which have caused new money to flow into the Bitcoin ecosystem. Meanwhile, altcoins have had to battle for capital from existing retail investors who continue to <a href="https://bitcoinist.com/spot-ethereum-etfs-eth-price/" rel="nofollow">divest their money</a> between several crypto assets.&nbsp; 
Crypto analysts like Roman have suggested that Bitcoin’s dominance will likely continue to rise for now, as he <a href="https://www.newsbtc.com/news/ethereum/eth-price-spot-ethereum-etfs-2/#:~:text=The%20analyst%20highlighted%20the%20period,currently%20suffering%20a%20similar%20fate.">predicted</a> that the flagship crypto will continue to suck up all the liquidity until later this year. He expects <a href="https://bitcoinist.com/altcoin-season-ethereum-breakout/" rel="nofollow">Ethereum and other altcoins</a> to continue trading sideways during this period.&nbsp;&nbsp; 
At the time of writing, Bitcoin is trading at around $56,000, up over 10% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow">data</a> from CoinMarketCap. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/yPmKvfdG/" alt="Bitcoin price chart from Tradingview.com" width="1054" height="675"> 
Featured image from Cointribune, chart from Tradingview.com

Bitcoin Sellers Running Out Of Coins As Dominance Hits 3-Year High

Table of Contents

NewsBTC

Other articles published on Aug 6, 2024

Binance Records $2B Inflows in 24 Hours Amid Market Selloff

Solana and Ethereum Poised for New Victories as Market Rebounds from Red to Green

Binance Records Significant Net Inflows Despite Market Volatility

Streamlining Project Deployment in the Blockchain Industry in 2024

Crypto Fear Index Hits Extreme Low Amid $168M ETF Outflows

BTC Poised for Mega Bull Run, Analyst Suggests Buying Moment

Join our free newsletter for daily crypto updates!