Bitcoin sales are slowing down
This week, the share of profitable bitcoins fell below 95%, which typically indicates a market peak. For over a month, the share of profitable bitcoins has remained at the 95% profit level, signaling excessive optimism.
This usually creates selling pressure as the market is flooded with optimism. With the share of profits decreasing to 92.5%, this pressure is easing, which may indicate a shift towards a more stable or positive movement.
The change in net position on exchanges recently reached a four-month high, reflecting the consequences of market conditions. An increase in balances on exchanges usually indicates a rise in selling activity due to the market's inability to maintain bullish momentum.
With the easing of selling pressure, Bitcoin may enter a consolidation phase. This gives BTC a chance to recover positions, especially as the market stabilizes.
