Analysis: The selling pressure on Bitcoin is gradually weakening, but demand is lacking. A reasonable expectation for December is that there will be no immediate sharp decline, rather than an immediate rebound

Trader Murphy posted that the profit-taking chips of long-term holders (LTH) and the trapped chips of short-term holders (STH) are currently the main sources of selling pressure. For STH, after the concentrated release of panic sentiment, if the price stabilizes or shifts from a sharp decline to a gradual decline, the selling pressure will gradually decrease; for LTH, if their realized profit-loss ratio declines, it will reduce the motivation to sell.

Currently, the number of new BTC addresses has temporarily stabilized after a round of decline, but the amount of BTC held is decreasing. 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 seeing a clear recovery on the demand side, the reasonable expectation for BTC in December should not be an immediate reversal, but rather a halt to the sharp and deep declines, followed by a corresponding rebound after the overselling.