There is certain group of traders causing majority of selling pressure on market
An eternity of selling volume in April only occurred during trading hours for a certain group of traders and investors. These trading hours are US trading sessionswhich indicate that the main selling pressure in the market is coming from players in the US market, while a group of Asian investors are mainly pumping digital gold.
As the data of Aracane Research analysts suggests, the cumulative year-to-date return of BTC during U.S. trading hours dropped massively from 4.22% on April 1st to -32.55% in May.
The data indicates that US traders were mostly abandoning their Bitcoin holdings, creating huge pressure in the market and becoming the main selling driver in April.
Despite the large selling volume incoming from the country, Asian cryptocurrency holders saw no reason to sell their holdings as massively as their western counterpart did. The same rule applies to European traders that have been seeing stable trading session returns.
Although the momentum may not seem important, it could give us a clue about the behavior of the market during a trading day. With the opening of US markets, Bitcoin and other digital assets are seeing an increase in selling volume, which can be used by retail traders to exit positions or find better entries.
As for Bitcoin’s current position on the market, it still moves in a consolidation range formed around $28,000 and $31,000. Unfortunately, BTC was not able to break through during yesterday’s trading seesion and retraced back below $30,000.
At press time, BTC is trading around $29,560 and losing nearly 6% of its value in the last 24 hours of trading. The US market has not yet opened and could cause even more pressure in the coming hours.
