Analyst: Bitcoin's pullback is highly correlated with Coinbase's sell-off since October 26

Odaily reported that Bitcoin experienced a major correction, falling 15% from its all-time high of $108,300. This price drop signifies a dramatic shift in market sentiment, which has quickly changed from extremely bullish to uncertain and cautious. As Altcoins suffered heavy losses, the Bitcoin pullback has raised concerns about the sustainability of the recent rally. Top analyst Maartunn recently emphasized that this adjustment coincides with the most severe sell-off activity since October 26 (when BTC was trading at $66,000). The increase in selling pressure clearly indicates that the market has shifted from a bullish market to a market filled with fear and hesitation. The combination of reduced buying activity and increased selling pressure suggests that the market is struggling to maintain its upward momentum. Furthermore, Bitcoin is currently testing the $92,000 level in search of support. (Bitcoinist)