Bitcoin Nears $70,000 Once More as Investors Maintain Their Curiosity

Based on our examination of CryptoQuant’s data, when the reserves of cryptocurrency exchanges surge, it leads to an escalation in the selling force on Bitcoin (BTC). The net position of exchanges is significantly higher than the seven-day average, implying a possible wave of selling. Furthermore, BTC’s adjusted Spent Output Profit Ratio (aSORP) is in the red zone, suggesting that a larger number of investors might be capitalizing on their gains and selling their BTC holdings. In the midst of a bullish market, this observation could indicate that the market has reached its pinnacle.