BTC’s Sell Pressure Declines as It Rests on a Key Support Level

Published 26/07/2023, 12:48
© Igor Faun BTC’s Sell Pressure Declines as It Rests on a Key Support Level

  • CryptoQuant’s CEO tweeted today that selling pressure for BTC has dwindled.
  • The CEO speculated that BTC’s top for this cycle may not have been recorded yet.
  • At press time, BTC was trading at $29,220.03 following a 24-hour gain of 0.30%.

The CEO of CryptoQuant, Ki Young Ju, revealed in a tweet earlier today that approximately 71% of the realized capitalization for Bitcoin (BTC) is unmoved BTC older than 6 months. According to Young Ju, this indicates that there is a low amount of selling pressure for the market leader from long-term holders.

As a result, the CEO also mentioned that this decreased selling pressure may not guarantee an increase in BTC’s price. However, he speculated that it is less likely that the cryptocurrency has reached its top for this latest cycle.

The belief that BTC has not yet reached its top for this cycle seems to be true, as CoinMarketCap indicated that the leading cryptocur…

The post BTC’s Sell Pressure Declines as It Rests on a Key Support Level appeared first on Coin Edition.

The post BTC’s Sell Pressure Declines as It Rests on a Key Support Level appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.