Recent price action in Bitcoin suggests that sellers are losing steam, with a clear shift in momentum developing over the past two months. After dropping as low as $60,000 on February 5, Bitcoin spent more than eight weeks consolidating in a narrow range—gradually inching closer to the pivotal $70,000 threshold.
Selling pressure weakens
According to on-chain analytics platform CheckonChain, metrics point to a significant decrease in selling pressure on Bitcoin in recent weeks. The platform’s data indicates that daily realized losses now hover around $400 million—still high compared to previous years but notably down from the peaks seen earlier this year.
Looking back, the market witnessed sharp surges in realized losses on November 21 and February 5, with daily losses soaring to $2 billion, setting records not seen even during the 2022 bear market. Such intense selling activity left a mark on investor sentiment during those periods.
CheckonChain analysts now observe a transition in the spot market, with aggressive selling by sellers gradually giving way to stronger buying pressure. Both realized profits and realized losses are trending lower, further signaling this shift in market dynamics.
Profit-taking on the rise
Data from another leading analytics firm, Glassnode, aligns closely with these findings. Based on the seven-day moving average, the amount of realized profits per day currently stands at around $300 million—one of the lowest points seen across the past twelve months.
Glassnode reports that investors who bought Bitcoin around the $60,000 level have begun locking in profits, albeit modestly. This profit realization is reflected in the realized profit-loss ratio, which has climbed to 1.4—the highest reading since January, highlighting a clear upswing in profitability for recent buyers.
CheckonChain notes that the dominance of sellers in spot markets is fading, while activity among both profitable and loss-making coins has diminished as well.
The profit-loss ratio gauges whether coins in circulation are changing hands for profit or loss. Recent figures indicate a rising share of Bitcoin moving in profit compared to assets sold at a loss, signifying a broad-based return to positive momentum.
These phases of subdued trading activity and measured profit-taking, often seen in crypto markets, suggest that selling fatigue is setting in and temporary relief from heavy selling could be on the horizon.
Taken together, all these indicators are fueling speculation that Bitcoin is entering a new period of seller exhaustion, with market appetite for large-scale selling waning as bullish sentiment gains the upper hand.
