Bitcoin Rally Triggers Near-Term Selling Pressure

Bitcoin's impressive rally to $76,052 has raised concerns about its sustainability, with CryptoQuant warning of 'near-term selling pressure' as investors move their coins into exchanges.

The analytics firm noted a significant increase in hourly inflows to exchanges, reaching 11,000 BTC – the highest since December. This surge is historically associated with local price tops and potential reversals.

CryptoQuant also pointed out that the average deposit size has increased to 2.25 BTC, similar to January's peak before prices nearly halved from $100,000 to $60,000.

The firm's analysis suggests that as Bitcoin approaches its realized price of $76,800, it may act as a ceiling for relief rallies, incentivizing traders to sell and cap further upside.