Bitcoin price stalls near $88K as selling pressure slows

Holders who bought one to two years ago cashed out on the way up, but sellers appear to be running low on ammunition near $81,500 Bitcoin investors who bought in one to two years ago finally got the exit they were waiting for. As the price climbed toward $88,000, that group sold heavily, and the rally ran out of road. The selling came mostly from long-term holders, the patient cohort that usually sits tight through volatility. On-chain data from Glassnode showed this group taking profits as prices pushed higher.

Source: Crypto Briefing