Bitcoin Selling Pressure on BitMEX Is At Multi-Month Highs: Analyst

Depositphotos 21510387 l 2015 632x420

According to poll data shared by pseudonymous Bitcoin analyst “PlanB,” holders of BTC are seemingly more bullish than ever. One of the analyst’s latest polls suggests that approximately three-quarters of Crypto Twitter is either “HODLing” or buying Bitcoin at the moment. And another poll from gold bull Peter Schiff indicated that a majority of cryptocurrency investors have an extremely strong conviction in holding BTC. Yet market data shows that Bitcoin is undergoing an influx of sell pressure on one of this industry’s most important trading venues: BitMEX. Bitcoin Sell Pressure Spikes A cryptocurrency trader shared the chart below on July 15th, showing that while Bitcoin remains in consolidation, there has been a spike in (potential) selling pressure over the past few days. “3% range bid:asks shows that the amount of asks on Bitmex is at a Bitmex multi month high. Eat through approx 150,000,000$ of sell orders to and we…

Read the original article here