As we move into the second half of 2017, it’s apparent that Bitcoin (BTC) selling pressure is at an all-time low. As of July 31, 2017, the price of Bitcoin (BTC) has reached a new all-time high of $4,865.38.
The selling pressure on Bitcoin (BTC) has been at a record low for many weeks now. This is one of the main reasons why Bitcoin (BTC) was able to rally to a new all-time high last week. However, if the selling pressure remains subdued for another few weeks, this would probably lead to a new all-time low in the price of Bitcoin (BTC) soon.
With all of the excitement in the last few weeks around Bitcoin Cash (BCH) and the recent price surge, investors may be forgetting that Bitcoin (BTC) is still the world’s most valuable cryptocurrency. The cryptocurrency sell pressure hasn’t hit all time low levels since November, when there was a steady stream of selling pressure that temporarily pushed prices down to $6,000.. Read more about why crypto market is down today 2021 and let us know what you think.According to Glassnode’s statistics, bitcoin owners are unlikely to sell at the current price, and the supply ratio of stable BTC bitcoins is at ATL level, which could be favorable for BTC. The digital currency fell to $30,001.51 on Wednesday as the downturn continued, but then recovered some of its losses. The cryptocurrency has not traded at these levels since late January. Bitcoin rose during the day and fell 12 percent to $38,205.49 shortly after 3 p.m. ET. The cryptocurrency has lost more than 40% of its value. Other cryptocurrencies also lost value on Wednesday. Ether, the digital currency that powers the Ethereum network, fell more than 22 percent to $2,620.97.
Glassnode provides information on bitcoin selling pressure
According to a chart from Glassnode, pressure on bitcoin from BTC holders is currently at its lowest level since November last year. On the other hand, the stable supply ratio of bitcoins has reached an all-time low. Therefore, both are useful for the flagship crypto currency. CIO Moskovski Capital shared a chart from analyst group Glassnode showing that the red sell zone has gotten smaller since November last year, when green turned red. Later in January, a big sale began, but on the 10th. In January, bitcoin reached a new high of $41,000. While BTC reached the $15,000 mark in November when sales began. Selling pressure from #Bitcoin hodlers was at its lowest since November. They don’t seem to want to sell at that price at the moment. Despite the huge sales in January. Bull. pic.twitter.com/SstxZZf6sN – Lex Moskovsky (@mskvsk) June 2, 2021 Bitcoin is the highest-rated crypto currency. BTC is currently at $38,829.39 with a change of 4.28. At the time of writing, the coin has a market value of $726,526,313,872 and a trading volume of $36,378,722,990 in the last 24 hours. The tradable bid is 18,725,518.00 BTC. BTC’s stable share delivery ratio (SSR) (7-day MA) has fallen to an all-time low of 6,861, according to another tweet from Glassnode. #Bitcoin $BTC Bitcoin’s stable supply ratio (SSR) (7d MA) just touched ATL 6,861 See metric: https://t.co/AR9JEKADBL pic.twitter.com/iUaOMPtLu2 – Alerts from glassnode (@glassnodealerts) 3. June 2021 It is bullish, according to the expert, if the SSR falls sharply, the current stablecoin supply will have more buying power to acquire bitcoins. This measurement shows the purchasing power of Stablecoin compared to Bitcoin. If it were to drop, the current supply of stablecoin would have more buying power for the leading digital currency.Bitcoin (BTC) has experienced a clear decline in selling pressure since the middle of November, despite it being the most popular cryptocurrency in the world. This is a clear indication that market sentiment has changed, and that the hype around Bitcoin (BTC) has faded. Over the last few months, the cryptocurrency market has been on a massive bull run, and Bitcoin (BTC) has been the most popular cryptocurrency in the world, with the majority of trading volume coming from Asia.. Read more about bitcoin price prediction and let us know what you think.
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