Bitcoin May Face Some Short-Term Selling Pressure as Coinbase Whales Deposit

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Bitcoin May Face Some Short-Term Selling Pressure as Coinbase Whales Deposit

Bitcoin has undergone some shaky price action after a push to $19,000 this past week.Ki Young Ju, CEO of Crypto Quant, recently said that the coin could face a correction in the days and weeks ahead.The percentage of whale deposits relative to retail deposits into Coinbase addresses has increased, he noted.

BITCOIN COULD BE PREPARING FOR A CORRECTION, ANALYSTS SAY

Bitcoin has exploded higher over the past few weeks amid mass institutional and retail buying pressure. There have been countless billionaires and big firms announcing their support for the cryptocurrency, forcing retail investors to look more closely at the coin.

While many doubt that these investors are selling their coins, some fear Bitcoin will face some selling pressure in the days and weeks ahead. After all, Bitcoin has gained approximately 70% in the span of six weeks, outperforming basically all other assets over that time frame.

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