![Bitcoin [BTC] holders planning to go long should read this first](https://i.headtopics.com/images/2022/11/26/cryptoamb/bitcoin-btc-holders-planning-to-go-long-should-rea-bitcoin-btc-holders-planning-to-go-long-should-rea-1596331158152716288.webp)
Bitcoin’s average dormancy witnessed a spike, which indicates higher selling pressure Bitcoin’s volume and MVRV ratio continued to decline. According to a new CryptoQuant report by Wenry, Bitcoin’s average dormancy had witnessed a spike. In the past, whenever such a spike occurred, it was always accompanied by the first technical rebound. $BTC:Average Dormancy – Highest level […]
’s average dormancy was the highest it’s ever been since February 2022. “Average Dormancy” is an on-chain indicator that calculates when a coin was traded the last time in relation to all coins. This metric usually grows when there is high selling pressure.Another indicator that painted a cynical outlook for Bitcoin was the declining mean transaction volume.
As can be seen from the image below, Bitcoin’s mean transaction volume declined significantly over the past month., addresses holding more than one coin reached an all-time high of 950,432 on 24 November.Even though large investors were observed to be accumulating Bitcoin, there were factors that could increase selling pressure on retail investors.The transaction volume in profit declined over the past month, as can be seen from the image below.
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