BTC Short-Term Holder Sell Pressure Eases, Breakout from Sideways Market Likely
CryptoNewsTerminal Staff05 Jun, 2024
BTC Short-Term Holder Sell Pressure Eases, Breakout from Sideways Market Likely
Bitcoin (BTC) is showing signs of a potential breakout from its recent sideways trading range, according to on-chain analysis firm Glassnode. Lead analyst at Glassnode, Checkmate, highlighted that key on-chain metrics suggest a significant price move is on the horizon. Notably, sell-side pressure from short-term BTC holders has been declining rapidly. This easing of sell pressure signals a growing confidence among short-term holders, who are less inclined to sell their BTC at a loss. It also indicates that the market is absorbing supply from new sellers, which is a bullish signal. If the current trend continues, BTC is likely to break out of its current trading range and make a substantial price move in the near future.
