Glassnode indicates that strong sell pressure following the “1011” plunge has lessened, suggesting a potential reversal in market trends. The analysis highlights a shift in market dynamics, where the intense selling that characterized the aftermath of the plunge is no longer as pronounced. This reduction in sell pressure may create conditions favorable for a trend reversal, as market participants reassess their positions. The current market sentiment appears to be shifting, with traders possibly becoming more optimistic about future price movements. As the sell pressure dissipates, it raises questions about the sustainability of recent price levels and whether a recovery phase could be on the horizon.
