Recent data suggests that the ongoing sell-off in Bitcoin (CRYPTO:BTC) is primarily driven by newer investors, hinting that we may be nearing the cryptocurrency's price bottom as sell-side pressure begins to wane.
The post-halving period for Bitcoin (BTC) has led to a significant market shift, transitioning into a phase of widespread net redistribution and cooling off the previous euphoric phase, as detailed in a report by Glassnode.
This cooling-off comes after Bitcoin's impressive performance in 2024, where it not only hit but surpassed its all-time high on March 5, reaching between $60,000 and $67,500 in the following two weeks.
Glassnode's analysis, utilising an Accumulation Trend Score, observed local distribution patterns as Bitcoin hit new all-time highs, patterns that are reminiscent of those seen in past bull runs.
This observation indicates a shift in investment dynamics and suggests a possible foundation for future price stabilisation or growth as the current sell-off phase exhausts itself.