Bitcoin has undergone a strong rally over the past month as buyers rush in after the early 2020 crash. The price of the leading cryptocurrency currently trades for $18,600, which is almost the highest the cryptocurrency has traded since the 2017 bull market peak.
While there appear to be many that believe the coin will move higher, data shows the coin is being sold to some extent.
Bitcoin Is Being Sold Into This Rally, On-Chain Data Shows
Willy Woo, a prominent Bitcoin on-chain analyst, there are old holders of BTC that are selling their coins into this rally:
“Old hands have been selling into this rally since the start of Nov (BTC @$13k)…’
While this represents increased selling pressure in this nascent market, Woo isn’t all too worried. He went on to explain that while previous tops were marked by spikes in the destruction of Bitcoin Days, there is likely still smart money that are buying any dips: