BTC Selling Pressures: Impact on Price Drop and Recovery

In addition, judging from the detailed data of positions, long-term holders have left the market more, while holders with large amounts of money and recent holders have more departure data. It is also very likely that these selling pressures have caused the price drop of BTC. Sure enough, From the position data of the exchange, we can see that there was indeed a large amount of selling pressure transferred to the exchange just when it fell. About 6,000 coins entered other exchanges in a short period of time, and then there was selling pressure, but this time The selling pressure has been absorbed by other investors and Binance. This is also the reason why BTC prices have recovered. The current pull-up method has two sides. On the one hand, the car is light and easy to pull, but on the other hand, it also results in fewer support positions.From the perspective of support, the stock of 51,500 US dollars is only 415,000, which has been decreasing significantly recently. This position is now difficult to use as a bottom, and the current stock of another high stock of 42,500 US dollars is also low. At 700,000 coins, or even lower than 690,000 coins, it is still a good bottom, and the reduction in holdings in the last 24 hours is not too high.