Selling Pressure on Bitcoin Increases as New Holders Take Profit
Selling pressure on Bitcoin (BTC) has increased again after investors holding Bitcoin for 6-12 months realize massive profits. In one day, this group sold Bitcoin worth US$904 million or 83% of the total daily *profit-taking*, thus hindering the rise in Bitcoin prices.
Meanwhile, long-term *holders* who have held Bitcoin for more than 12 months have actually reduced their selling activity. Data shows that *profit-taking* from this group has dropped drastically, indicating a higher confidence to continue holding the asset amid market volatility.
The sell-off from new *holders* caused Bitcoin to drop from US$108,990 to around US$106,853, bringing Bitcoin back into a consolidation phase. As long as the selling pressure remains high, prices are expected to move sideways in the range of US$103,000–US$105,000.
If the selling pressure from new holders starts to ease, the opportunity for an upward breakout will open wide. Meanwhile, old holders are expected to continue to be a stabilizing buffer for the market, keeping Bitcoin strong amid fluctuations.
As a note, Bitcoin is currently experiencing a 2.4% decrease in the last 24 hours and is at the level of US$104,927 at the time this article was written on Wednesday (18/06) morning.
*Disclaimer Alert. Not Financial Advice* (NFA). *Do Your Own Research* (DYOR).
