The price of Bitcoin is facing strong selling pressure as short-term holders are offloading their coins at a loss, according to Glassnode. The lack of accumulation by buyers suggests fading demand for Bitcoin. The recent decline in price has been driven by panic selling, with short-term holders selling at a loss. This trend is similar to past market downturns and indicates a shift in sentiment towards risk aversion. The analysts suggest that the market could enter a consolidation phase before finding strong support.



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