Selling pressure is negatively affecting the price of Bitcoin.

Recently, there has been a noticeable increase in the selling pace of Bitcoin (BTC) investors; this situation negatively impacts the price. The market has lost its upward momentum due to the selling by long-term holders (LTH) and the weakness experienced in recent weeks.

The decline in Bitcoin's price below 100 thousand dollars indicates that the market is struggling to recover, especially after the significant liquidation wave experienced in October. Both the contraction in spot demand and the slowdown in stablecoin liquidity are exacerbating this pressure.

CryptoQuant data reveals that long-term investors have sold approximately 815 thousand BTC in the last 30 days, marking the highest wave of sales seen since January 2024. Most of these sales occurred near price peaks, while the weakening spot demand during the same period has led to further price declines. The net amount of Bitcoin exiting from ETFs, the decline of the Coinbase premium into negative territory, and the contraction of demand indicators support the current situation.

In previous cycles, such intense LTH sales have been absorbed by existing demand, but the lack of such strength in today's market conditions renders the Bitcoin market fragile. During this process, where investors are primarily realizing profits, the fact that net realized losses remain almost negligible indicates that a capitulation has not yet occurred. According to CryptoQuant's data, investors wrote approximately 3 billion dollars in profits on November 7, suggesting that selling pressure is likely to remain high in the short term.

Bitcoin's price is currently fluctuating around the important technical level of the 102 thousand dollars 365-day moving average. This level stands out as a critical support area in the current cycle. Losing this average, which triggered the start of the 2021-2022 bear market, could increase the likelihood of a deeper correction.

The overall outlook of the market continues to be under pressure due to intense LTH sales, weak spot demand, and liquidity contraction. The critical threshold that will determine Bitcoin's direction will be whether the 365-day moving average can be maintained.