Data suggests that newer investors are behind Bitcoin’s sell-off, but sell-side exhaustion will eventually mark BTC’s price bottom.
Bitcoin (BTC) price continues its post-halving retrace, which has seen the market transition into a regime of widespread net redistribution, causing the “euphoric phase” to cool off, according to a Glassnode report which identifies the cohort of investors driving the current sell-side activity.
Bitcoin price has had an impressive run so far in 2024, with the flagship cryptocurrency breaching its all-time high on March 5. BTC has since corrected, consolidating within the $60,000 and $67,500 price range over the last two weeks.
Employing an Accumulation Trend Score, the market intelligence firm reported that BTC’s rise to all-time highs revealed local distribution patterns, mirroring similar structures seen in previous bull runs.
