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June 25, 2022
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Bitcoin

Glassnode data shows that Bitcoin holders’ selling pressure is the lowest since November

For Lex Moskovski, the data show a positive scenario for the BTC

A chart provided by Glassnode shows that Bitcoin holders’ selling pressure is currently at its lowest since November last year.

Meanwhile, the ‘BTC Stablecoin Supply Ratio‘  hit an all-time low. Here’s why both factors are good for the flagship cryptocurrency.

Bitcoin Holders Lose Selling Pressure

The CIO of Moskovski Capital shared a chart from the Glassnode analytics team. This shows that the red sell zone is the smallest since last November, when green changed to red. Later, in January, there were massive sales.

As a reminder, back then, on January 10th, Bitcoin hit the high of $41,000 for the first time in history.

In November, when the sale was just starting, the BTC surpassed the $15,000 level.

As selling pressure has taken a big slack since late fall 2020, Lex Moskovski assumes that holders are unwilling to dump their Bitcoin at current prices and sees this as a bullish signal.

Image via Twitter

BTC SSR Hits All Time Low

Another Glassnode tweet announced that the BTC Stablecoin Supply Ratio (SSR) (7-day MA) had dropped to a historic low of 6.861.

This metric shows the purchasing power of stablecoins relative to Bitcoin. If it goes down, the current supply of stablecoins will have greater purchasing power for the flagship digital currency.

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Image via Twitter

Source: U.Today

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