Bitcoin

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

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