Analysis: Bitcoin Faces Selling Pressure After Touching $76,000, Exchange Inflows Hit New High

According to a CryptoQuant report, Bitcoin is facing "short-term selling pressure" after rebounding above $76,000. Data shows that during Tuesday's price increase, the number of Bitcoins flowing into exchanges rose significantly, with hourly inflows once reaching 11,000 BTC, the highest level since December last year.

CryptoQuant pointed out that an increase in the scale and speed of exchange inflows has historically been seen as an important early warning signal for short-term selling pressure, indicating that some holders are transferring assets to exchanges in preparation for selling. Meanwhile, the average single deposit size rose to 2.25 BTC, hitting a new high since July 2024, approaching levels seen before the market peak in January this year.

In terms of market performance, TradingView data shows that Bitcoin once touched $76,052 on Coinbase, reaching a new high since early February. However, the report suggests that as the price approaches the realized price of $76,800, this level could become the upper limit for the rebound, as investors nearing breakeven may be inclined to sell, thereby limiting further upside.

Furthermore, profit-taking is still in its early stages, with daily realized profits around $500 million, below the $1 billion threshold typically associated with interim tops. If the price rises further into the $76,000 to $76,800 range, profit-taking could expand, thereby intensifying selling pressure and increasing the probability of a pullback or consolidation. (Cointelegraph)