Crazzyblockk
Reducing Selling Pressure in Exchanges
In the above metric, the daily average of deposited Bitcoins to exchanges by short-term and long-term holders has been calculated. As evident from the peak in the chart, during the recent price growth of Bitcoin in the range of $34,000 to $36,000, a significant capital influx from short-term holders to exchanges occurred, which was well covered by the high demand in the market. At the current price levels, the selling pressure from short-term holders has sharply decreased. The average deposited Bitcoins to exchanges have now experienced a notable reduction compared to the $34,000 to $36,000 levels. This occurrence indicates that the bullish trend in the market is still intact, and despite another wave of demand, price growth can continue.