As the Bitcoin price hits its new all-time high of $70,000 on Friday, the biggest question in the investor community is will this rally continue. As of press time, BTC faces partial retracement currently trading at $68,423 with a market cap of $1.325 trillion.
Bitcoin Bulls and Bears In Tight Fight
Renowned crypto analyst CrediBULL crypto has highlighted a notable dynamic in the Bitcoin market, shedding light on the ongoing battle between spot buyers and passive sellers.
According to the analysis, there has been a significant influx of spot bids, amounting to approximately $700 million in Bitcoin purchases within a narrow price range. Despite this aggressive buying activity, the price of Bitcoin has struggled to make significant upward progress, with passive sellers currently capping the price.
The key question posed by CrediBULL crypto is which side will exhaust their resources first: the passive sellers or the active buyers. With open interest (OI) remaining flat, the analyst suggest
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