Bitcoin Sellers Dominate Market Activity in April

Recent data from blockchain analytics firm Glassnode reveals significant seller activity amongst investors who entered the market for the first time this April. As per their report on X (formerly Twitter), Bitcoin supply chart analysis shows a robust uptick from sellers. Notably, the Relative Strength Index (RSI) remained above 50 throughout April, peaking at 100 last week and maintaining an elevated level of 80 today. This suggests that despite price gains, market participants are feeling the ‘fear of missing out’ (FOMO), which is driving new capital inflows into the Bitcoin space.