Bitcoin continues to trade above the $80k mark, hovering around $83,000 for several days. Its recent drop to this level was triggered by increased selling pressure. However, a new development in the market shows that the largest digital asset is experiencing a notable fall in selling pressure. Today, according to data from crypto analyst Adler, Bitcoin has displayed indicators of declined selling pressure, which may signal a likely rebound and price stability.
Bitcoin rise looming
Today, Adler shared data on X showing that BTC has noticed a significant decrease in selling activity, indicating a decrease in selling pressure. As per the analyst, there has been a significant drop in selling activity over several weeks ago, leading to a drastic decrease in the Sell-Side Risk Ratio. This on-chain indicator gauges the pressure from users selling their assets compared to those purchasing. The drop in selling pressure shows that most of the expected loss and profit realization by investors has already happened. This fall signals that Bitcoin recently has been creating a price bottom, possibly giving rise to a new accumulation period.
A decreasing Sell-Side Risk Ratio often shows that users are holding their assets rather than selling, suggesting the early phase of an accumulation period where prices could stabilize or start to surge. Adler’s analysis coincides with wider cryptocurrency market cycle theories, which explain that market drops are normally followed by an accumulation period. As a result, this period lays the foundation for a possible price rise. Adler believes that the current week holds a potential moderate growth for BTC, especially if negative macroeconomic or market catalysts are absent.
Bitcoin price updates
Today, Bitcoin strengthened its movement, currently trading above the $86k mark, showing its renewed momentum. At press time, the asset is trading at $87,385, after seeing a 3.6% increase over the past 24 hours. Investors are hoping for a robust recovery, particularly with falling selling activity and positive shifts in the global economic outlook.
The asset’s price has been up 4.6% and 6.1% over the past week and two weeks ago respectively. This stability suggests a potential turning point for the token, indicating that an imminent bullish breakout could be coming. Its ability to remain above the $83k level for several days signals a looming price momentum.
