Summary
- It has been observed that Bitcoin's selling pressure has significantly decreased.
- Axel Adler Jr. mentioned the potential for a supply shock on major exchanges.
- It was suggested that the possibility of Bitcoin's rally resumption due to a supply shock was indicated.
It has been observed that the selling pressure of Bitcoin (BTC) on cryptocurrency exchanges has significantly decreased.
On the 1st (local time), Axel Adler Jr., a contributor to CryptoQuant, stated on X, "The average selling pressure of Bitcoin on major exchanges has significantly decreased," adding, "The selling trend has been exhausted, and an environment conducive to a supply shock has been created." According to CryptoQuant data, Bitcoin's daily selling pressure decreased from the previous 81,000 BTC to 29,000 BTC.
He further suggested, "April and May could lead to a sideways market before a surge rally," indicating that a rally of Bitcoin due to a supply shock could resume.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![[Market] Bitcoin breaks below $68,000 as losses deepen](https://media.bloomingbit.io/PROD/news/3a08fe32-6a33-4a62-bb89-4afb5c5399ca.webp?w=250)
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