ChainCatcher reported that according to The Block, Coinbase research analysts David Duong and David Han said that the market depth of Bitcoin on Coinbase has recently shown an imbalance between buy and sell orders, with a larger number of buy orders. This growth in total Bitcoin sell orders is particularly concentrated within 5% to 10% of the exchange's mid-price, which limits further price increases.
“The data suggests that we may be seeing some profit-taking at current levels, and/or that market participants prefer to sell on rising prices, which may limit the scope for upward price movement,” Coinbase analysts said in a note on Friday.
