Bitcoin Price Rebounds to $117,000 Amid Historic Selling Pressure in Current Bull Cycle
Main Idea
Bitcoin price rebounded to $117,000 despite significant historic selling pressure, indicating underlying market strength.
Key Points
1. CryptoQuant analyst AXEL noted that only 12 weeks in the current bull market cycle have seen selling pressure as intense as this week.
2. The selling pressure this week is within the top 7% historically, signaling a significant market correction.
3. Bitcoin's price rebounded to $117,000, suggesting resilience in market fundamentals.
4. A drop below $116,000 could trigger $677 million in long order liquidations on major centralized exchanges (CEXs).
Description
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$BTC
$118146.1
+0.64%
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