📊 Bitcoin Selling Pressure Eases as Profit-Taking Declines!
Short-term Bitcoin holders have significantly reduced their profit-taking. This shift came after they drove the largest $BTC inflows to exchanges in a year, which directly contributed to the recent downward pressure on the asset's price.
🔍 What do the on-chain data show?
According to Glassnode data, profit-taking activity has returned to its yearly average. This indicates that the recent wave of selling is losing steam in the market.
⚖️ What can we expect next?
Although this easing of selling pressure could support Bitcoin's stability in the short term, it doesn't necessarily mean an immediate price recovery.
The market is showing signs of consolidation, warranting closer attention to upcoming support and resistance levels.
$BTC #Bitcoin #Glassnode
Short-term Bitcoin holders have significantly reduced their profit-taking. This shift came after they drove the largest $BTC inflows to exchanges in a year, which directly contributed to the recent downward pressure on the asset's price.
🔍 What do the on-chain data show?
According to Glassnode data, profit-taking activity has returned to its yearly average. This indicates that the recent wave of selling is losing steam in the market.
⚖️ What can we expect next?
Although this easing of selling pressure could support Bitcoin's stability in the short term, it doesn't necessarily mean an immediate price recovery.
The market is showing signs of consolidation, warranting closer attention to upcoming support and resistance levels.
$BTC #Bitcoin #Glassnode