Bitcoin is currently at a critical support level, and the recent influx of over 30,000 BTC (valued at $1.83 billion) into crypto exchanges is concerning for the bullish outlook of the cryptocurrency. Data from Santiment reveals that Bitcoin addresses holding large amounts of BTC have been selling and redistributing their holdings. This could potentially lead to a snowball effect of selling pressure. However, the current selloffs are being driven by short-term holders, with long-term holders taking the opportunity to strengthen their positions. Additionally, the amount of BTC being sent to exchanges each day is gradually declining, indicating that the selloffs may be losing momentum. Furthermore, the amount of BTC held on exchange wallets has been steadily decreasing since October, which reduces the selling pressure and provides a more positive outlook for Bitcoin's recovery. As of now, Bitcoin is trading at $60,854, with a price floor around $60,000.



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