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Bitcoin (BTC) Breaks Free from Selling Pressure – Uptrend Ahead?

 


Bitcoin ( BTC ) could be at the beginning of a new upward trend again, because the selling pressure on the market-leading cryptocurrency is easing noticeably.


At least one expert comes to this conclusion considering the BTC that as of July 2022 have not been moved for a year or more.


Is the downtrend finally over?

Accordingly, crypto analyst Miles Johal writes on July 29 that Bitcoin’s HODL chart shows a “rounded ceiling” (see below), which is currently being completed.


Once this process is complete, bitcoin price should bounce back as it has historically.


The key figure from which this hope is fed are the so-called HODL waves, which look at the amount of Bitcoin in circulation based on when the individual currency units were last moved. The 1-year HODL wave — those BTC that were last sold a year or more ago — is making up the vast majority right now .


In the accompanying chart, Johal depicts that the larger the proportion of circulating volume that hasn't been moved for at least a year, the closer the market-leading cryptocurrency is to a bottom, or local bottom.


More importantly, the year-long HODL wave seems to be completing its ceiling, suggesting that the selling pressure on bitcoin price is easing and a new long-term uptrend may be about to begin.


If the "rounded ceiling" is completed in the next few days, crypto investors can hope that after heavy losses, things will soon go back to new heights.


Crypto analyst Johal says that while HODL waves have received little attention, they may reassert themselves as a game-changing indicator for the crypto market leader.


As little BTC on crypto exchanges as in 2018

More data from Glassnode supports the notion that bitcoin selling pressure is slowly easing as recently there has been less and less BTC on crypto trading platforms.


The BTC in the wallets of the major exchanges currently only accounts for 12.6% of the volume in circulation, which corresponds to an outflow of 4.6% since the big crash in March 2020.



In Bitcoin terms, this means a drop from 3.15 million BTC in March 2020 to just 2.4 million BTC in July 2022. This is also the lowest value since July 2018.

Earlier this month, Cointelegraph reported that more and more bitcoin was leaking from major trading platforms.



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