Even though Bitcoin is currently moving in an early bullish phase, macro risks and contagion still prevail in the industry, and the rising number of liquidations, bankruptcies, etc., will certainly lead to a spike in selling pressure. If the market is not ready for it, we will see the continuation of a prolonged downtrend that began in 2021.
From the on-chain perspective, Bitcoin whales have not even moved their funds to realize them for a good price on the market, suggesting they either had their targets much higher or are holding their assets at a significant unrealized loss.selling is a bullish factor that allows the market to move upward without having to deal with pressure from investors.
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