**Legendary Bitcoin Trader John Bollinger Makes Bullish Statement About Bitcoin**

John Bollinger, the creator of the Bollinger Bands indicator, has made a bullish statement about Bitcoin on social media platform X (formerly known as Twitter), suggesting that the selling pressure on Bitcoin could soon be coming to an end.

In recent times, the price of Bitcoin has experienced a notable upswing. On Friday, the leading cryptocurrency surged by 5.52%, briefly touching $42,000. Although it has since retraced slightly, Bitcoin is currently hovering around the $41,700 mark. Notably, since February 23, Bitcoin has climbed by an impressive 7.86%, moving from $38,705.

Previously, Bitcoin traders and investors began selling some of their Bitcoin holdings in mid-January after the U.S. Securities and Exchange Commission approved the launch of spot Bitcoin ETFs. These ETFs were issued by Wall Street heavyweights including BlackRock, Fidelity, VanEck, and Ark Invest.

During that period, Bitcoin's price briefly spiked above $42,000, but it quickly fell back as traders began to lock in profits. Concurrently, the Grayscale Bitcoin Trust also started to reduce its Bitcoin holdings significantly as the lockup period for its clients expired and Grayscale itself sold a substantial amount of Bitcoin.

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