The selling pressure on bitcoin $BTC is easing

From July 23 to August 1, the bands of spent outputs over 7–10 years have slightly widened. This means that long-inactive wallets holding bitcoins for nearly a decade have begun to move coins. Such selling pressure was previously observed from July 10 to 19, when bitcoin prices dropped from $123,000 to $117,000.

However, the selling pressure from long-term holders is decreasing from the peak reached on July 4. The band from July 10 to 19 was wider than from July 23 to August 1, indicating a decline in the intentions of long-term holders to sell.

During the current widening of the band (from July 23 to August 1), bitcoin has held above $113,000, showing that the market absorbed this supply without a decline. This is a sign of BTC price strength.

The selling pressure is easing. The bands of spent outputs are narrowing, indicating an end to large movements from old holders. When these wallets stop selling, it often indicates the completion of a correction phase. $ERA $HUMA