Coinbase Analyst: Recent Bitcoin Gains May Be Limited by Seller Profit-Taking

ChainCatcher news, according to The Block, Coinbase research analysts David Duong and David Han stated that Bitcoin's market depth on Coinbase has recently shown an imbalance between buy and sell orders, with a higher number of buy orders. The increase in total sell orders for Bitcoin is particularly concentrated within 5% to 10% of the exchange's midpoint price, which limits the potential for larger price increases.

In a report on Friday, Coinbase analysts said: "The data suggests that we may be seeing some profit-taking at current levels, and/or market participants are more willing to sell as prices rise, which could limit the upward movement of prices."