Indicator Shows Bitcoin’s Selloff May be Running Out of Steam

It has been a rocky past day for Bitcoin, with the benchmark crypto posting massive losses as buyers struggle to garner significant momentum. This selling pressure has sent shockwaves throughout the entire cryptocurrency market, causing altcoins to see massive selloffs that have erased the bulk of their recent gains.

While speaking about the benchmark cryptocurrency’s near-term outlook, one trader explained that a downwards expansion of BTC’s delta seems to indicate that a move to the high $10,000 region is imminent. Fund manager Mohit Sorout offered a chart with this indicator in a recent tweet, showing that the intensity of the selling pressure may be slowing as Bitcoin reaches its key range-low support at just above $10,000.

Timeline of Bitcoin