The price of bitcoin (BTC) has surged past the $60,000 level to the $67,000 zone due to news of a lower-than-expected inflation rate in the United States.
According to the latest CryptoQuant weekly report, bitcoin’s latest rally has also been sustained by a recent decline in selling pressure. However, demand for the cryptocurrency has yet to pick up.
Bitcoin Selling Pressure Declines
The fall in BTC selling pressure can be seen in the on-chain activity of short-term holders and the balances on over-the-counter (OTC) desks.
The BTC balance on OTC desks has stabilized since late April, indicating less bitcoin supply from market participants. The balance on OTC desks began to rise by 60,000 BTC on March 10 when the asset hit an all-time high of $73,000; however, it has been flat since late last month.
Similarly, the profit margins of short-term BTC holders are currently at low or negative levels following high margins that triggered high selling pressure in early March. Since they have
We współpracy z: https://cryptopotato.com/bitcoin-selling-pressure-subsides-as-demand-stabilizes-cryptoquant/
