#btc $BTC

Selling Pressure on Bitcoin Increases as New Holders Take Profit**

Selling pressure on Bitcoin (BTC) has increased again after investors who held Bitcoin for 6-12 months realized 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 significantly, indicating a higher confidence to continue holding the asset amid market volatility.

The sell-off from new holders caused Bitcoin to briefly drop from US$108,990 to around US$106,853, making Bitcoin return to a consolidation phase. As long as this 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 begins to ease, the opportunity for a breakout upwards will be wide open. Meanwhile, old holders are expected to continue to act as a stabilizing buffer for the market, keeping Bitcoin strong amid fluctuations.

As information, Bitcoin is currently experiencing a 2.4% decline 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).

-# Image Source: Reuters