Analyst: Bitcoin seller exhaustion indicator falls to bear-market lows; selling pressure may ease

TechFlow reports that on November 04, according to a post by verified CryptoQuant author Darkfost (@Darkfost_Coc), their seller exhaustion model shows BTC seller momentum is weakening. The indicator measures whether sellers still have enough motivation to keep pushing prices down by comparing the proportion of supply in profit with the monthly average volatility. The indicator has now returned to the lowest level in the bear market. After BTC pulled back more than 10% from its previous high, short-term profit-taking appears to have largely been realized. Darkfost pointed out that historically, a decline in selling pressure usually helps form a bottom, but this does not mean the market will necessarily rebound, as sustained recovery still requires demand support, while Bitcoin currently still lacks demand.

Source: TechFlow