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<ul class="news-points"> 
 <li><strong>CryptoQuant’s CEO tweeted today that selling pressure for BTC has dwindled.</strong></li> 
 <li><strong>The CEO speculated that BTC’s top for this cycle may not have been recorded yet.</strong></li> 
 <li><strong>At press time, BTC was trading at $29,220.03 following a 24-hour gain of 0.30%.</strong></li> 
</ul> 
<p>The CEO of CryptoQuant, Ki Young Ju, revealed in a tweet earlier today that approximately 71% of the realized capitalization for <a href="https://coinedition.com/tag/bitcoin-btc-news/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> is unmoved BTC older than 6 months. According to Young Ju, this indicates that there is a low amount of selling pressure for the market leader from long-term holders.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> is still in a bull cycle.<br><br>Approx. 71% of realized cap is unmoved <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> (&gt; 6 months), indicating low selling pressure from long-term holders currently.<a href="https://t.co/X98viPw4J3" target="_blank" rel="noopener noreferrer nofollow">https://t.co/X98viPw4J3</a> <a href="https://t.co/ZPSgYCIuI2" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ZPSgYCIuI2</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1684077296544624642?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 26, 2023</a> 
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<p>As a result, the CEO also mentioned that this decreased selling pressure may not guarantee an increase in BTC’s price. However, he speculated that it is less likely that the cryptocurrency has reached its top for this latest cycle.</p> 
<p>The belief that BTC has not yet reached its top for this cycle seems to be true, as CoinMarketCap indicated that the leading cryptocur…</p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/btcs-sell-pressure-declines-as-it-rests-on-a-key-support-level/">BTC’s Sell Pressure Declines as It Rests on a Key Support Level</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.</p>

BTC’s Sell Pressure Declines as It Rests on a Key Support Level

Coin Edition

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