Bitcoin Trader Selling Pressure Declining, CryptoQuant Head Explains Why
Summary
- CryptoQuant's head of research, Julio Moreno, explains declining selling pressure from Bitcoin traders. - Short-term holder realized price for Bitcoin has risen to $60,000. - Short-term holders (STHs) are traders who react to market movements and tend to sell in profit. - STH realized price is the average cost basis of these holders, calculated using blockchain transaction history. - Bitcoin has been above the STH realized price for months, indicating profits for traders. - As Bitcoin consolidated between $60,000 to $70,000, the STH realized price rapidly rose to around $60,000. - This rise means STHs are holding less profit now, potentially leading to declining selling pressure. - Bitcoin's price is currently trading around $65,200.
