Bitcoin has taken another turn to the downside, at the time of writing, after moving sideways during the weekend. As NewsBTC has been covering over the past days, BTC lost critical support at around $40,000, and seems likely to continue its downtrend. Related Reading | Data: Bitcoin Miners Are Quietly Accumulating While The Market Bleeds Bitcoin is trading at $38,118 with a 2.6% loss in the past 24-hours. Per a recent report from Glassnode Insights, Bitcoin has reached a delicate equilibrium. As the benchmark crypto moves back into yearly lows, buyers are trying to absorb bears and establish new support. However, as the report claims, selling pressure has been “persistent” as speculator dump their BTC, probably due to the current macro-economic environment. This status quo has been maintained for over two months, as short-term investors jump out of the market. This new normal could break at any point if bulls continue to lose momentum, or sellers reached a level of exhaustion. Glassnode Insights added: With prices trading sideways in recent weeks, a relative equilibrium has been established. However, given the limited incoming fresh demand, this delicate balance can be disrupted by any significant degree of seller exhaustion, or conversely a re-invigoration of sellers. In the chart below, it is easier to visualize the above with an equilibrium created in the amount of Bitcoin held in crypto exchange platform as BTC’s pric...
