Saturday, March 25, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News Bitcoin News

Why Bitcoin (BTC) May Face Selling Pressure Ahead, Hold Or Sell?

news by news
January 24, 2023
in Bitcoin News, Bitcoin Price Analysis, News
0
Why Bitcoin (BTC) May Face Selling Pressure Ahead, Hold Or Sell?
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Shytoshi Kusama Confirms Unification Addition In Shibarium Docs

Terra Luna Classic Controversial Proposal To Burn 235B LUNC From Community Pool

Over the last weekend, the world’s largest cryptocurrency Bitcoin (BTC) has shown a strong upswing along with the broader crypto market. As of press time, BTC is trading 1.78% up at a price of $23,097 with a market cap of $445 billion.

However, on-chain data hints that investors need to be cautious about any new entry at this point. As per data from Glassnode, short-term investors have seen a dramatic surge in the coins held in profit during the recent BTC price rally.

A staggering 97.5% of short-term holders are currently in profit which might lead to a profit booking going ahead. In their latest report, Glassnode mentions:

The recent surge to $23K has pushed this metric to > 97.5% in profit for the first time since the ATH in November 2021. Given this substantial spike in profitability, the probability of sell pressure sourced from STHs is likely to grow accordingly.

Courtesy: Glassnode

Retail Participation in Bitcoin Grows

Furthermore, the Glass node report explains that ever since the LUNA collapse, the Bitcoin participation by retail players – holding between 1 to 10 BTC – has jumped up significantly over the last few months. Over the past eight months, retail entities have recorded a 4.4% increase in BTC supply held and they now hold 17.1% of the Bitcoin Circulating Supply.

Courtesy: Glassnode

This month so far, the Bitcoin price has already appreciated by 33% with its rally from $16.9k to $23.1k. As a result of this, the percentage supply in Profit has also surged from 55% to over 67%. This 12% jump in a matter of just 14 days is the sharpest spike in profitability in comparison to the previous bear markets.

The recent price appreciation in the BTC miners has also helped Bitcoin miners who were in great distress over the last year. Thus, similar to short-term holders, Bitcoin miners are taking this price pump as an opportunity to book profits. As Glassnode explains:

With a notable recovery in miner USD-denominated revenues, the resulting behavior shift has switched from accumulation of +8.5k BTC/month, to distribution of -1.6k BTC/month. Miners have spent some -5.6k BTC since 8-Jan and have experienced a net balance decline YTD.

Courtesy: Glassnode

The post Why Bitcoin (BTC) May Face Selling Pressure Ahead, Hold Or Sell? appeared first on CoinGape.

Related Posts

Shytoshi Kusama Confirms Unification Addition In Shibarium Docs
Altcoin News

Shytoshi Kusama Confirms Unification Addition In Shibarium Docs

March 24, 2023
Terra Luna Classic Controversial Proposal To Burn 235B LUNC From Community Pool
24/7 Cryptocurrency News

Terra Luna Classic Controversial Proposal To Burn 235B LUNC From Community Pool

March 24, 2023
Just In: Gary Gensler Lobbied In UK, Canada For Tightening Crypto Rules
24/7 Cryptocurrency News

Just In: Gary Gensler Lobbied In UK, Canada For Tightening Crypto Rules

March 24, 2023
Coinbase VP Hints At Other Countries Filling ‘Crypto’ Vacuum Left By US
Altcoin News

Coinbase VP Hints At Other Countries Filling ‘Crypto’ Vacuum Left By US

March 24, 2023
Binance Resumes Spot Trading After Temporary Maintenance
Altcoin

Binance Resumes Spot Trading After Temporary Maintenance

March 24, 2023
Breaking: Nasdaq To Offer Crypto Custody Services Soon Despite Regulatory Burden
24/7 Cryptocurrency News

Breaking: Nasdaq To Offer Crypto Custody Services Soon Despite Regulatory Burden

March 24, 2023
Next Post
Crypto News Live Updates Jan 24: BlockFi Plans To Sell $160 Mln Of BTC Mining Machine-Backed Loans

Crypto News Live Updates Jan 24: BlockFi Plans To Sell $160 Mln Of BTC Mining Machine-Backed Loans

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

Shiba Inu (SHIB) Emerges As ETH Whales Top Choice

Shiba Inu (SHIB) Emerges As ETH Whales Top Choice

February 14, 2023
$3.9B Worth of Crypto Assets Were Stolen In 2022, A 51% Decline From 2021

$3.9B Worth of Crypto Assets Were Stolen In 2022, A 51% Decline From 2021

January 5, 2023
LUNC News: Terra Classic Validator ClassyCrypto Burns 13 Million LUNC

LUNC News: Terra Classic Validator ClassyCrypto Burns 13 Million LUNC

December 21, 2022
Is Bitcoin Price Fall To $10K Inevitable In Early 2023?

Is Bitcoin Price Fall To $10K Inevitable In Early 2023?

December 29, 2022
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In