Bitcoin’s price has fallen below a significant support level, prompting long-term holders to accelerate their selling of the cryptocurrency. This sell-off is the fastest observed since August. Glassnode, a well-known crypto data analytics platform, has issued a warning about the possibility of further price declines and increased market pressure. As the largest and most recognized cryptocurrency, Bitcoin has experienced significant volatility in recent months. The crypto market is generally highly volatile, and substantial selling by investors can add further strain. The selling activity by long-term holders indicates that investors anticipate a bearish market trend approaching. Some market experts believe the current situation may signal that the bear market is nearing its bottom, a stage when prices reach their lowest point before potential stabilization. However, concerns about further price drops remain, especially if global economic conditions or other negative factors in the crypto market emerge. The decline in Bitcoin’s price could negatively impact not only crypto investors but also the broader crypto market, as Bitcoin constitutes a substantial portion of it. Investors are advised to carefully assess current market trends and make investment decisions with caution.
Source: coindesk
