Analysts at Bexplus believe that the number of BTC exchange hot wallets continues to grow, and the selling pressure also increases. With regard to mainstream cryptocurrencies, the prices of various currencies have risen and fallen frequently, and the risk of short-term chasing increases.
From the performance of the BTC market, BTC is already operating above $20,000, and the price trend is strong. In fact, the selling pressure at this time mainly comes from the bulls who hold money to make a profit. Some investors will reduce the number of money held during the price increase, and market fluctuations will appear.
As the price of BTC has risen for two consecutive trading days, more investors have begun to lose control of their impulse to trade. Increased short-term selling pressure will naturally drive the BTC price to fluctuate sideways. If BTC trades sideways in the short term, some funds will flow out of BTC and flow into other mainstream cryptocurrencies. This may be the best explanation for the expected rebound. Of course, before BTC really starts to adjust, whenever chasing BTC or other mainstream crypto coins, all need to pay attention to risks. The basis for the continued bull market is the emergence of FOMO sentiment. At present, this situation has not happened yet, but the BTC price has performed more strongly.