Bitcoin’s bearish momentum continues, given that the leading cryptocurrency slipped below $19,000 amid buying pressure shrinking.
“Bitcoin shows no signs of buying pressure from miners and whales! Addresses holding 1,000 BTC or more have remained pretty much flat since August, while miners' reserves have found a floor of around 1.86 million BTC.”
With buying pressure being a stepping stone toward a bullish run, BTC needs this trait to kickstart an uptrend.
On the other hand, more BTC has been moving to crypto exchanges, signifying the emergence of selling pressure. Crypto insight provider Santiment disclosed:
“1.69M total Bitcoin (currently the equivalent of $33.5B) was moved to exchanges from September 7th to 13th. This was the highest amount of BTC moved since October, 2021.”
Whenever coins are transferred to crypto exchanges, this usually shows that selling pressure might be building up because coins are moved from cold storage and digital wallets for liquidation purposes.
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