Why Will Bitcoin See A “Significant Pullback” Soon?
CryptoQuant analyst hints at a potential Bitcoin pullback based on net taker volume data
The BTC net taker volume has plunged into the negative zone
Negative net taker volume indicates a prevailing bearish sentiment, where selling pressure surpasses buying interest
In addition, the shift from a highly positive 30-day moving average (MA) net taker volume also suggests a decrease in buying pressure, potentially resulting in a significant pullback
Bitcoin short-term holders have also triggered a substantial selloff
Analyst James V. Straten notes a transfer of $1.5 billion to exchanges, marking the fifth-largest selloff this year.