Bitcoin (BTC) has failed to rebound sharply following the fall on Dec. 11, suggesting selling pressure on relief rallies. Glassnode data shows that short-term holders (STHs), entities holding Bitcoin for 155 days or less, sent $1.93 billion worth of Bitcoin to exchanges on Dec. 11 and $2.08 billion on Dec. 12. The last time single-day selling crossed the $2 billion mark was way back in June 2022. This shows that speculators are in a hurry to dump their holdings.

However, lower levels are attracting buyers. Trading resource Material Indicators suggested that “institutional sized” bids could be seen but added that it was unclear if it was accumulation or a short-term trading opportunity…

Read more on Cointelegraph