Bitcoin ‘Sales Pressure’ Building Up — What This Means 📉
In light of recent US market downturns, commentary on the crypto bull cycle's current phase has intensified. Notably, Bitcoin has shown remarkable stability against blue-chip stocks. However, its price slipped below the $83,000 mark on early Saturday, April 5. Crypto analyst Axel Adler Jr. has offered insights regarding Bitcoin's future trajectory.
Adler Jr. analyzed the Bitcoin price using the Bitcoin Sales Pressure model, which integrates Net Unrealized Profit/Loss (NUPL) and Spent Output Profit Ratio (SOPR) metrics. The model indicates the potential onset of sales pressure after 800 days, warning of cyclical market tops.
Despite surpassing the 800-day mark, Bitcoin shows resilience, primarily due to institutional purchases and diminished sales pressure in spot markets. Adler Jr. notes the global trade war's influence and US equities' struggles, with the VIX rising and the S&P 500 declining.
Given these dynamics, US President Trump's push for aggressive monetary stimulus from the Federal Reserve could stimulate markets. Meanwhile, Bitcoin's price hovers around $83,350 as of now.
Source: www.newsbtc.com ↗
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