Crypto analyst Darkfost argued that an indicator previously pointing to local peaks is now active in Bitcoin
Following Bitcoin’s recent surge above $85,000, the indicator known as the “Seller Exhaustion Indicator” has resurfaced. According to analyst Darkfost, this indicator, which assesses both the supply of profitable assets and market volatility, has reached a point where potential selling pressure is rapidly increasing
The change in the indicator is particularly noticeable among short-term Bitcoin investors. The current level matches the critical zone previously seen in the current market cycle, along with the local peak. However, this does not necessarily mean that Bitcoin investors are currently engaged in heavy selling. The analysis shows that the amount of coins that could turn into profit-taking has increased as the price rises
From now on, new demand entering the market will be decisive. According to the analyst, if demand offsets potential sales, the rise may continue. Conversely, weakening purchases, coupled with profit-taking by short-term investors, could increase the risk of a sharper correction in Bitcoin
At the time of writing, the price of Bitcoin is trading at approximately $83,000
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