On-chain analysis platform Glassnode, in its latest report, addressed the pressure on Bitcoin (BTC) by whales.
Glassnode shared a report on March 26 that interested Bitcoin investors. Analysts stated that the recent drop in Bitcoin to $60,900 was quite similar to the 2018-2021 cycle. The report pointed out that such corrections were historically observed before the Bitcoin halving.
Furthermore, with the price approaching the $70,000 band again, it was reminded that long-term investors could exert selling pressure. As the market approached resistance, a $2.6 billion daily profit sale took place, which was among the highest sales seen in a long time:
As the Bitcoin market approaches the $73,000 ATH resistance, long-term holders have increased the overall distribution pressure. As investors begin to cash out, the market has seen daily sales of over $2.6 billion.
The report also reminded that the distribution pressure from long-term investors is very similar to the pressure seen at market peaks, indicating that there is always a risk of a new drop.
0 Comment