Analysts: Bitcoin short-term sell pressure is absorbed by long-term holders

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The market price of bitcoin fell below $39,000 at the end of the Easter holidays, but has recovered since. Amidst continued volatility and sell pressure, there is also a strong undercurrent of persistent and robust demand.

4 min read

Updated: April 21, 2022 at 4:13 am

Analysts: Bitcoin short-term sell pressure is absorbed by long-term holders

Cover art/illustration via CryptoSlate

The Bitcoin market fell below $39,000 after the Easter holidays as “weak hands” continued to sell, forcing prices down to a local low at $38,729 before bouncing back.

This uptake is driven by persistent and robust undercurrent demand.

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