Analysis: Bitcoin selling pressure is gradually weakening but demand remains lacking. A reasonable expectation for December is no more sharp declines rather than an immediate rebound.

ChainCatcher reports that trader Murphy posted that the main sources of selling pressure currently come from the profitable chips held by Bitcoin long-term holders (LTH) and the underwater chips of short-term holders (STH). For STH, after panic is released in a concentrated manner, if the price stabilizes or shifts from a sharp drop to a gradual decline, the selling pressure will gradually decrease; for LTH, if their realized profit/loss ratio decreases, their motivation to sell will also decrease.

Currently, the number of new BTC addresses has temporarily stabilized after a round of decline, but the amount of BTC held by these addresses continues to decrease. This indicates that the overall risk appetite of BTC investors has not significantly improved, leading to a lack of new demand. He believes that before a clear recovery in demand is seen, a reasonable expectation for BTC in December should not be an immediate reversal, but rather that the sharp and deep declines will cease, and there will be a corresponding rebound after an oversold situation.