Bitcoin Pulls Back from $35K as Miner Profit-Taking Adds Selling Pressure

Bitcoin briefly hit $35K Wednesday but quickly pulled back as that level triggered sell orders, possibly from miners looking to take profits.

Miner selling pressure metrics show they are offloading more bitcoin than usual during this rally.

Despite consolidating below $35K for now, bitcoin could still reach $40K-$45K range in coming weeks once selling pressure subsides.

While bitcoin fell 2% from $35K, it still outperformed stocks with Nasdaq down 2.4% and S&P 500 down 1.4% amid poor earnings and geopolitical worries.

Turkish President Erdogan said Hamas not a terrorist group, canceled Israel trip; Istanbul shares closed 7% lower.