Analysis: Bitcoin Sell Pressure Near Exhaustion, Historical Similar Signal Led to 155% Average Price Increase in the Following Year

BlockBeats News, August 21st, 21Shares announced that the selling pressure in the Bitcoin market may be nearing exhaustion. Data shows that the Bitcoin Seller Exhaustion Constant is currently around 0.007, marking the lowest 0.3% level of all readings since 2010.

21Shares stated that this is the 11th time in Bitcoin's history to see such a low reading. After the previous 10 similar occurrences, Bitcoin's performance one year later was higher than the current level, with a median increase of 155%.

However, 21Shares emphasized that this indicator does not mean that Bitcoin has confirmed a bottom. Historical data shows that after the seller exhaustion signal appears, Bitcoin may still experience further short-term declines before completing a trend reversal.