Analyst: On-chain data indicates that selling pressure on Bitcoin is weakening, and the market is buying on dips

ChainCatcher news, CryptoQuant analyst Axel posted on social media that the percentage of Bitcoin supply in profit (30-day change) has rebounded from -12% to -6%, indicating that selling pressure is weakening and the market is buying on dips.

Although the current percentage of profitable coins is still below the level from a month ago, the decline has noticeably narrowed—negative momentum is weakening.