Glassnode Report Reveals a Decline in Bitcoin Selling Pressure

On April 7, Bitcoin tumbled to an intraday low of about $55,500, which sparked series of reactions amidst the crypto community. As a result, some analysts had suggested that the Bitcoin bullish season was over. Meanwhile, other analysts believed that the flagship cryptocurrency would rally again.

For instance, crypto trader Cantering Clerk noted that the Bitcoin 20-week moving average lingers around $40,000. Clerk added that “either it comes to us or we come to it.” However, he said there is a fairly strong signal that it results in a bearish downturn.

As per Glassnode’s report, investors continue to hold a bullish outlook on the flagship cryptocurrency. The blockchain analytics firm studied Bitcoin bullish bias using an indicator that tracks Bitcoin wallets based on their net holdings. An earlier Glassnode report had revealed that investors were holding their Bitcoin as opposed to selling.

Source: Glassnode

Analysts Predict a Bullish Outlook for Bitcoin Price

Drawing insight from the indicator, Glassnode chief investment officer noted that the “selling pressure is decreasing.” This comes shortly after BTC price plummeted by almost 4% on April 7 resulting in $1.8 billion liquidated positions.

A report has linked the drop to the rising interest in US bond due to its attractive yield. Another reason could be that Bitcoin Hodlers are expecting a bullish run.

However, the price of Bitcoin has maintained its bullish bias as reported by Glassnode. A Bloomberg report predicts that Bitcoin price will hit $400,000 before the year ends. The report further stated that most indicators suggest an accelerating growth pace for Bitcoin as a store of value.

Institutional adoption of Bitcoin has not died down as well. The likes of MicroStrategy, Tesla, Meitu Visa and many other traditional firms continue to expand their crypto services.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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