Bitcoin is trading more than $10,000 per <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin less than the current high, after according to one crypto analyst, the “bid” side of market has disappeared, exposing the cryptocurrency’s current weakness.
The lack of buying currently could be due to what another analyst calls a jittering macro environment, referencing the stock and bond markets that have seen volatility as of late. Here’s what else is going on in both traditional and crypto markets that could have investors waiting to pull the trigger currently.
Bitcoin Bid Side Weakens, But There’s Still No Sellers To Be Found
The ongoing Bitcoin uptrend has been largely driven by natural supply and demand dynamics, exacerbated by a limited and ever diminishing supply.
Related Reading | Coinbase Bitcoin Outflows Are The Strongest Bullish Signal “Ever”
At 21 million BTC total and what few coins come into the market slashed in half every four years, price appreciation has always been in the cryptocurrency’s favor, and will continue to be so.
Kinda crazy how weak $BTC is at the moment.
There’s little to no resistance, but there’s just no bid either. pic.twitter.com/YmY6Ayx8W9
— Byzantine General (@ByzGeneral) February 26, 2021
But as strong as the cryptocurrency’s uptrend has been, a complete lack of “bid side has left Bitcoin “weak,” according to one crypto analyst’s take on the order books of top exchanges.
The same analyst says there’s no resistance, either, simply due to the lack of ask side of the market as well. But without bids, Bitcoin still can’t go up and is at risk of a deeper correction.
The "jittering macro environment" could be weakening the cryptocurrency's advance | Source: BTCUSD on TradingView.com
Massive Institutional Demand Unfazed, Despite “Jittering Macro Environment”
Each passing week, Coinbase outflows have topped 10,000 BTC or more, and even this week during the selloff, another 13,000 BTC left the cryptocurrency exchange.
The selling, according to