Bitcoin, the star cryptocurrency, has been maintaining its price action above $20K for more than a week now. Just before the King currency captured this key level, the currency was subdued by strong bearish action. However, Bitcoin’s positive movements have revived hope for the entire crypto space and several assets have regained their key levels.
At the time of publication, Bitcoin is valued at $20,632 with a rise of 1.42% over the last 24hrs. This rise in its price action is strongly pointing toward decreased selling pressure.
Glassnode, an analytic firm, claims that the decrease in Bitcoin’s selling pressure has dropped towards lows that were last seen in 2018. As per the report, selling pressure drops when unrealized losses increase and volatility decreases.
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Source: https://coinpedia.org/bitcoin/selling-pressure-drops-are-we-on-the-brink-of-a-strong-bitcoin-bull-run-soon/