Mar 6, 2024

Bitcoin's price rally may face temporary resistance as the climb to a record high seems to have spurred profit-taking among BTC holders.

Video transcript

The chart of the day is presented by, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Bitcoin's price rally may face temporary resistance as the climb towards record highs seems to have spurred some profit taking among holders. According to Kio, there is an imbalance between potential sellers and buyers and Bitcoin's aggregated order book across more than 30 centralized exchanges. The gap between the total dollar value of orders to sell Bitcoin, that's the ask side and orders to buy. That's the bid side within 2% of the market price has widened to nearly a $100 million. Research analyst Deis Slava Obert said in an email that the mismatch is notable because 2%. Bitcoin ask depth has surpassed bid depth for the longest period since early 2021. Obert added that there has been a strong increase in demand on most exchanges so the imbalance could be related to market makers positioning. That's it for today's chart of the day. I'm Jen Sani. We will see you next time to unpack more of the data behind top news stories

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