Bitcoin [BTC] investors looking for relief might get some after reading this

ambcrypto.com:

Bitcoin [BTC]’s performance has been sluggish lately as the king coin failed to register upticks during the past few weeks. BTC’s seven-day chart was painted red as its value decreased by more than 7%.

Recently, BTC’s price touched a three-month low, which was followed by a spike in BTC’s hourly negative sentiment spike. This stood as an indication of a bear market. However, the good news is that several indicators and on-chain metrics suggest the possibility of a trend reversal soon. 

BaroVirtual, an analyst and author at CryptoQuant, published an interestinganalysis which gave perspective to the higher selling pressure in the market. In his post he pointed out a scenario where investors holding their assets since six to 12 months are selling their holdings. This is the reason behind the increases the selling pressure.

Source: TradingView

BaroVirtual said,

“When the Exchange Inflow-Spent Output Age Bands (SOAB) metric among investor age groups 6m-12m signals an INFLOW to crypto exchanges, it usually signals that investors in this age group are pessimistic and tend to sell their coins soon and this inevitably puts pressure on the BTC price.”

Thankfully, there have been several positive developments in the past few days that look promising. For instance, Santiment’s data revealed that BTC’s social dominance increased, which by and large is a positive indicator. Moreover, BTC’s Market Value Realized Value (MVRV) Ratio was also down, suggesting a possible market bottom.