3 Signs Bitcoin (BTC) Could Be Ready for Another Pullback

The primary cryptocurrency rose 1.5% in the last 24 hours and currently trades at around $63,500, even as Strategy announced its third BTC sale this year.

However, three important signals point to a potential pullback forming beneath the surface.

The Factors in Question

The renowned analyst Ali Martinez revealed that over 20,000 BTC (worth more than $1.2 billion) have hit exchanges in the past week or so. CryptoQuant’s data shows that the total figure has climbed to around 2.72 million, the highest since the start of July.

This suggests that some investors have abandoned self-custody methods and flocked to centralized platforms, increasing immediate selling pressure, or, as Martinez said:

“When coins move onto trading platforms, it often signals rising sell-side pressure. Keep an eye on this trend.”

It’s worth noting, though, that there might be another reason why investors are sending BTC to exchanges. The recent Coldcart saga has rattled trust in self-custody methods, which could lead to more bitcoin sitting on trading platforms, not necessarily for immediate selling.

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