Bitcoin sees 30% retracement as selling pressure increases — Bitfinex

If institutional demand returns, Bitcoin could see price stability and supply absorption according to Bitfinex analysts.

Bitcoin (BTC) has undergone its second-largest correction of this bull run, according to analysts at crypto exchange Bitfinex. The correction, from the coin’s all-time high of $109,590 set on Jan. 20 to a low of $77,041 during the week of March 9-15, represents a 30% retracement triggered by selling pressure from short-term holders.

In its report, Bitfinex defines short-term holders as those who have bought within the last seven to 30 days. According to the exchange, they have suffered net unrealized losses and are often more subject to capitulation.

Bitfinex notes that ongoing outflows from Bitcoin ETFs, which totaled around $920 million during the week of March 9-15, suggest that institutional buyers have not yet returned with enough strength to combat selling pressure.

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