Bitcoin Selling Pressure is Declining, Hints Key Glassnode Indicator

Even as the bitcoin market shows signs of bullish exhaustion after logging a 1,500-percent-plus upside move in the previous 13 months, all is not lost.

The analogy appears out of a chart from Glassnode, a blockchain analytics firm that determines Bitcoin’s market bias based on on-chain indicators.

The red bars in the chart above reflect higher transactional volume from holders’ wallets than to those who let the cryptocurrency sit ideal in their wallets.

The statements appeared as the Bitcoin price struggled to follow up to its previous parabolic move above $60,000.

On the other hand, Bitcoin maintained its bullish bias even against a relatively stronger greenback.

Investors also anticipated growth in the Bitcoin sector after Coinbase, a US-based cryptocurrency exchange, received regulatory approval from the Securities and Exchange Commission to go public via a direct listing Nasdaq.

He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.

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