In the past few days of Bitcoin's upward trend, activity on the Bitcoin network has increased. This could potentially bring back 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. On September 19, 17,160 Bitcoins held for 1 week-1 month and 1,617 Bitcoins held for 3-6 months were moved. On September 20, 17,019 Bitcoins held for 1 week-1 month, 1,405 Bitcoins held for 1-3 months, 2,071 Bitcoins held for 3-6 months, 7,013 Bitcoins held for 6-12 months, 1,154 Bitcoins held for 12-18 months, and 1,457 Bitcoins held for 18 months-2 years were moved. On September 23, 29,292 Bitcoins held for 6-12 months were moved, and 6,398 Bitcoins held for 1 week-1 month were moved. On September 24, 4,389 Bitcoins held for 1-3 months and 1,621 Bitcoins held for 1 week-1 month were moved.

Overall, we are seeing a significant increase in the movement of coins from various age bands during this latest leg of the rise, with continuous transfers happening on the Bitcoin network. By analyzing whether these coins are being sent to exchanges, we can assess the depth of the selling pressure. As more transfers occur on the network, Bitcoin's upward momentum begins to slow down. Extreme caution is advised.

Written by XBTManager