Recent data indicates a notable increase in Bitcoin network activity amid its upward trend, potentially signaling renewed selling pressure.

On September 18, 4,924 Bitcoins held for 2-3 years and 16,707 Bitcoins held for 1 week-1 month were moved. Subsequent days saw similar activity, with significant movements across various holding periods. For instance, on September 20, 17,019 Bitcoins held for 1 week-1 month and 7,013 Bitcoins held for 6-12 months were transferred. The trend continued with 29,292 Bitcoins held for 6-12 months moved on September 23.

This surge in coin movement suggests heightened market activity. Analyzing whether these coins are being sent to exchanges will help gauge the potential selling pressure. Despite the increased activity, the market remains optimistic, but caution is advised as Bitcoin's upward momentum may decelerate.