{"id":416390,"date":"2020-02-28T19:00:12","date_gmt":"2020-02-28T19:00:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=416390"},"modified":"2020-02-28T18:59:05","modified_gmt":"2020-02-28T18:59:05","slug":"bitcoin-bearish-sell-pressure-is-waning-despite-aggressive-selloff","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bearish-sell-pressure-is-waning-despite-aggressive-selloff\/","title":{"rendered":"Bitcoin Bearish Sell Pressure Is Waning Despite Aggressive Selloff"},"content":{"rendered":"

Bitcoin<\/a> may appear to be on the brink of total collapse as coronavirus fears shake up markets, but trading volume tells a very different story.<\/span><\/p>\n

According to the volume profiles of each the greater bear market and the recent downtrend from the June 2019 top, selling pressure has been subsiding and it could signal \u201cgood times\u201d ahead for the crypto market.<\/span><\/p>\n

Bitcoin Sell Pressure Dwindling As Time Progresses<\/h2>\n
Most people first heard about Bitcoin<\/a> and cryptocurrencies during the meteoric rise of 2017 that turned into a full block bubble once retail investors caught wind of the astronomic riches being generated by early investors in the emerging asset class.<\/span><\/p>\n
Valuations of Bitcoin and altcoins like Ethereum<\/a>, XRP<\/a>, Litecoin<\/a>, and many others skyrocketed.<\/span><\/p>\n
But retail FOMO caused the bubble to expand to epic proportions and eventually the bubble<\/a> popped.<\/span><\/p>\n
Related Reading | Bitcoin Bounces Off Buy Zone, Accurate Crypto Analyst Says Its Time to Hold\u00a0<\/a><\/strong><\/em><\/p>\n
Those that showed up late to the party go left holding heavy bags. Altcoins are still down by over 80% or more in most cases.<\/span><\/p>\n
Bitcoin<\/a> itself fell to as low as $3,000 before going on another strong rally, but failed to set a new high and ultimately fell back into another downtrend.<\/span><\/p>\n
However, both the greater extended bear market and the more recent downtrend following the June 2019 top, have begun to wane in sell pressure, according to one crypto analyst\u2019s take on a reduction in sell volume throughout the last two years.<\/span><\/p>\n
Red volume bars are shrinking in size over time, and the analyst claims that this is a single that \u201cgood times are almost upon us.\u201d<\/span><\/p>\n
\n
$btc<\/a> <\/p>\n
Sell pressure on both longer term and current bearish cycle is subsiding. <\/p>\n
The good times are almost upon us. pic.twitter.com\/Ps70jHHUP6<\/a><\/p>\n
— MrParaBULLic (@iLiquidatebots) February 28, 2020<\/a><\/p><\/blockquote>\n