Bitcoin Price Rebounds to $117,000 Amid Historic Selling Pressure in Current Bull Cycle

On July 26, CryptoQuant analyst AXEL highlighted that during the ongoing bull market cycle, just 12 weeks have witnessed selling pressure matching or exceeding the intensity seen this week, representing roughly 7.3% of the entire cycle. This data underscores that the current selling volume ranks within the top 7% historically, indicating a significant market correction. Despite this substantial sell-off, the price has demonstrated resilience by rebounding to $117,000, suggesting underlying strength in market fundamentals. Such a recovery amidst elevated selling pressure may signal sustained investor confidence and potential stability in the crypto asset’s valuation.