Bitcoin is currently about 30% below its all-time high near $126,000, reached in the first week of October 2025. The downturn followed the October 10 market selloff, and market observers attributed the move to rising selling pressure.
Yet recent on-chain data challenges the idea that selling pressure remains elevated. In a December 27 post, on-chain analyst Axel Adler Jr. said Bitcoin has not seen strong selling pressure since early 2023. His observations focus on the Sales Pressure metric, which tracks real-time coin movement and investor behavior to gauge potential price shifts.
CryptoQuant data shows Bitcoin has gone about 1,079 days without strong selling pressure, nearing a record around 1,125 days of seller silence. This suggests the BTC price has not yet experienced the selling pressure typically seen in bear markets.
Adler Jr. cautioned that the absence of selling pressure does not automatically translate into price gains. Still, periods of meaningful selling pressure are often followed by notable price moves, and the Bitcoin price has historically rallied after such episodes.
Historically, declines in selling pressure have preceded extended upside rallies, including the late-2015 to 2017 bull run and the post-2019 rebound toward new highs. The analysis notes that these patterns emerged after periods of reduced selling activity.
Looking ahead, strong selling pressure could emerge as the seller-silence period nears its record, potentially testing near-term support before a bounce. Despite evolving dynamics, Adler Jr. concludes that the Bitcoin market remains structurally resilient.
As of writing, BTC trades near $87,810, with little movement over the past 24 hours. The near-term outlook remains uncertain, with traders watching for signs of a shift in selling pressure.
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