- 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.
#Bitcoin is still in a bull cycle.Approx. 71% of realized cap is unmoved $BTC (> 6 months), indicating low selling pressure from long-term holders currently.https://t.co/X98viPw4J3 pic.twitter.com/ZPSgYCIuI2
— Ki Young Ju (@ki_young_ju) July 26, 2023
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.