Bitcoin on-chain analysis is showing more short-term holders registering losses, and they are statistically more likely to sell according to Glassnode.
Blockchain analytics provider Glassnode has depicted a bearish scenario for Bitcoin as on-chain metrics suggest increased selling pressure is imminent.In its weekly analytics report on Feb. 21, on-chain metrics firm Glassnode said that Bitcoin bulls “face a number of headwinds,” referring to increasingly bearish network data.The researchers pointed at the general weakness in mainstream markets alongside wider geopolitical issues as the reason for the current risk-off sentiment for crypto assets.“Weakness in both Bitcoin, and traditional markets, reflects the persistent risk and uncertainty associated with Fed rate hikes expected in March, fears of conflict in Ukraine, as well as growing civil unrest in Canada and elsewhere.”It added that as the downtrend deepens,
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