Bitcoin Declines Amid Rising Selling Pressure and Weak Demand
- Bitcoin fell nearly 4% from Thursday’s high of $103,690 to below $99,000.
- Approximately 815,000 BTC were sold by long-term holders over the past month.
- Spot-market demand weakened with net outflows from Bitcoin ETFs and a negative Coinbase premium.
- Whale selling met limited buy-side support, contributing to price declines.
The decline in Bitcoin’s value reflects a broader risk-off sentiment in financial markets following the U.S. government reopening after its longest shutdown. Long-term holders have increased their selling activity, adding to the pressure on Bitcoin prices as demand contracts due to ETF outflows and reduced buying interest on exchanges like Coinbase.
The significant selling by long-term holders and weakened demand have led to one of the highest levels of selling pressure since early last year, pushing Bitcoin prices below key support levels. (Source)
