Connect with us

Bitcoin

Bitcoin (BTC) Selling Pressure Hits All Time Low Since November

Gracie Perez

Published

 

on

According to Glassnode statistics, Bitcoin holders are unlikely to sell at current rates, and the BTC Stablecoin Supply Ratio is at an ATL which could be beneficial to BTC.

On Wednesday, as the selling continued, the digital currency dropped as low as $30,001.51 before recouping some of its losses. The cryptocurrency has not traded at these levels since late January. As the day progressed, Bitcoin recovered, slipping 12% to $38,205.49 shortly after 3 p.m. ET.

The cryptocurrency had lost more than 40% of its value. On Wednesday, the value of other cryptocurrencies plunged as well. At $2,620.97, Ether the digital currency that runs the Ethereum network, was down more than 22%.

Glassnode providing info about selling pressure on Bitcoin

According to a chart supplied by Glassnode, selling pressure on Bitcoin from BTC holders is currently at its lowest level since November of last year. The Bitcoin Stablecoin Supply Ratio, on the other hand, has reached an all-time low. Here’s why both of these things are beneficial to the flagship cryptocurrency.

READ  Bitcoin will cross $500k by 2025, Forbes' featured billionaire, Mike Novogratz predicts

A chart from the Glassnode analytics team was shared by Moskovski Capital’s CIO which shows that the red selling zone has shrunk since November of last year, when green became red. Massive sell-offs began later that month, in January but on January 10, Bitcoin hit a new all-time high of $41,000. Whereas BTC hit the $15,000 mark in November, when the selling had only just begun.

Bitcoin is standing at ranked 1 cryptocurrency. Currently, the price of BTC is $38,829.39 with the change of 4.28. Coin’s market cap at the time of writing is $726,526,313,872 along with trading volume of $36,378,722,990 in the last 24 hours. Its circulating supply is 18,725,518.00 BTC.

READ  Highest inflows of Bitcoin to Spot Exchanges in a Year is not a Good Sign for Market

The BTC Stablecoin Supply Ratio (SSR) (7-day MA) has dropped to a historic low of 6.861, according to another tweet from Glassnode

This is a bullish factor according to the expert, if SSR drops much the present stablecoin supply will have more purchasing power to acquire Bitcoin. This measurement shows the buying force of stablecoins comparative with Bitcoin. In event that it plunges, the present stablecoin supply would have more prominent buying power for the flagship digital currency.


Gracie Perez is a part of RippleCoinNews team since we started. she holds a degree in Computer Sciences. From 2017, She has pivoted his career towards blockchain technology, with principal interest in writing Cryptocurrency news and different guides. She is also working with different online media outlets.