Bitcoin is about to retest its 2020 highs as the bulls try to take the reins and lead the asset to further success.
With selling pressures at $ 13,200, it has been difficult to gain any serious momentum in the near future, but once broken it could move towards $ 14,000
Despite the obvious bullishness at the moment, there are some bearish signs that a sell-off is on the way.
One analyst suggests it could be a potentially bearish sign that large holders are moving 80,000 BTC.
He also notes that some other indicators are also suggesting that Bitcoin’s uptrend is increasingly overheating.
Bitcoin and the aggregated crypto market have been hit by an intense bull trend over the past few days.
BTC has rebounded from its consolidation range in the mid-range of $ 11,000 to highs of $ 13,200 set just a few days ago.
BTC is now retesting these highs, which could suggest that further upward moves are imminent in the near future.
There are some bearish signs, however, including massive BTC transfers into the exchanges as well as some divergences in the chain favoring sellers.
One analyst concludes that these signs suggest that Bitcoin’s rebound is overheating.
Bitcoin is moving towards retesting 2020 highs
At the time of writing, Bitcoin is trading at $ 13,005. While there is some resistance here, it gets weaker every time you visit BTC at this level.
If the coin can go beyond that in the near future, it will likely spark a massive buying spree that will send its price skyrocketing.
Analyst: These factors pose problems for the short-term BTC trend
A trader recently saw a massive move of 80,000 bitcoins and noted that this could be a somewhat bearish sign as it may indicate an impending influx of selling pressure. The trader with reference to the graphic below from Whale Map:
„I don’t really like that Hodler move 80,000 bitcoins“