Cryptocurrency markets have been dominated by a bear market for almost a year. First Bitcoin (BTC) and Ethereum (ETH) Almost all cryptocurrencies lost value.
Due to the economic conditions around the world, risk products are exited. Therefore the leader cryptocurrency There was also a large selling pressure on the unit. However, the most important measure of sales on-chain One of his data shows that the pressure is gradually decreasing.
One of the crypto world’s largest on-chain data aggregators glassnodeshared important data.
Is Selling Pressure Reducing in Bitcoin?
According to Glassnode’s data, the number of wallets sending BTC to exchange wallets has dropped to the lowest level in the last 2 years. The number of wallets sending Bitcoin to exchanges (7-day average) decreased to 4 million 443 thousand.
It is noteworthy that the low levels of the bear season experienced in the summer of 2021 are seen when the number of BTC sent on the exchanges is still at the bottom.
Sending cryptocurrencies to exchanges is usually interpreted as the owners will sell. The decrease in the number of wallets sending crypto to exchanges is one of the most important indicators of the decrease in selling pressure.
Capo, one of the phenomenon analysts of the crypto world, expects a rise in cryptocurrencies this weekend, albeit short-term.
Expecting a bullish weekend.
— il Capo Of Crypto (@CryptoCapo_) September 23, 2022
The leading cryptocurrency fell below $20,000 with hawkish statements by Powell after the Fed’s rate hike.
$BTCis trying to hold on to the $19,000 level as of writing.
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