[Analysis] "Signs of easing Bitcoin selling pressure… recent decline being absorbed by buying"
Summary
- It said signs have been detected that after a short-term Bitcoin adjustment selling pressure is easing.
- It analyzed that over the past month, buying pressure has been gradually flowing in along with an increase in volume.
- Overall, it stated that the decrease in the share of coins in profit has narrowed, easing negative momentum.
Bitcoin (BTC) appears to be showing signals of weakened selling pressure after a short-term correction. Analysis indicates that the profit/loss condition has improved over the past month, and buying pressure is gradually flowing in alongside increased volume.
On the 25th, on-chain analyst Axel Adler Jr. said on X (formerly Twitter), "The proportion of Bitcoin in profit (30-day change) rose from –12% to –6%," adding, "This shows that selling pressure is weakening and that the recent decline is being absorbed by buying."
He explained, "Overall, the share of coins in profit is still lower than a month ago, but the decline has narrowed and negative momentum is easing." He added, "Over the past month, the average monthly volume on centralized exchanges (CEX) increased by 120,000 BTC compared with the September low."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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