Bitcoin has faced pressure by sellers this Wednesday as traditional markets suffered over concerns of a conclusive “no-deal” Brexit.
The leading cryptocurrency by market value is traded near $17,884 on Wednesday morning, scoring a more than 2% decline on the day. This decline comes after numerous rejections around the $19,500 mark in the last three days.
The Bitcoin rally has lost traction in the past few days, amid large sell orders placed around the all-time record of $19,920 capping the rally. According to analysts, investors are selling at current levels based on what played out during the 2017 bull run. Bitcoin peaked at $19,784 in December 2017 and then fell down as low as $6,000 by February of the next year.
There is an observable notion of some investors selling off their Bitcoin assets. The assets being held in the so-called accumulation addresses have dipped by more than 4% to 2,696,749 Bitcoins in the last three weeks, as reported by the Glassnode analytical service.
With the repeated rejections at key marks near the all-time high mark, the cryptocurrency is taking a heavy stance on technical charts, forcing some investors to revaluate their bullish enthusiasm.
