Bitcoin's (BTC) price has shed over $15,000 since hitting an all-time high (ATH) of $126,198 in the first week of October. The sharp price drop triggered by the broader crypto liquidation caused a massive sell-off. However, recent on-chain data hints at a bullish rally in the coming days.

Bitcoin seeing declining sell pressure

As highlighted by an on-chain analyst Axel Adler on X, Bitcoin’s percent supply in profit is declining significantly. For clarity, this refers to the percentage of all BTC held by investors that could yield profit at the current market value.

Notably, in the last 30 days, the volume of Bitcoin bought at a lower price than today’s price has dropped considerably. This is considered a bullish signal as fewer investors might be willing to sell off their assets at a loss. A development that could reduce selling pressure.

It explains the reason fewer market participants are willing to dump their coins despite price fluctuations. Although the market has not fully recovered to the pre-liquidation era, the decline is now smaller than about one month ago.

Bitcoin Percent Supply in Profit (30D change) rose from −12% -> −6% sellers are weakening, the dip is being bought. In fact, the share of coins in profit is still lower than a month ago, but the decline is now shallower - the negative momentum has eased. pic.twitter.com/IXyg9KQeSl

The development suggests that the worst part of the downturn might be over, and stabilization is setting in for the flagship crypto asset. If this trend continues, Bitcoin is likely to see an upward reversal as the selling pressure has lost momentum.

The BTC market is likely to witness renewed buying interest with the asset finding a new price bottom. Bitcoin holders are possibly using this period of volatility to accumulate the coin, as historical precedence suggests a rise in volume could trigger a price spike.

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Institutional interest in Bitcoin is soaring

As of this writing, Bitcoin is trading at $111,616.94, representing a 0.32% increase over the last 24 hours. The coin opened trading at $109,770.15 and climbed to a peak of $111,850.31 before shedding some gains amid low volume.

The trading volume is currently down by 20.9% at $40.43 billion. With a lower percentage supply in profit, the asset could record a supply squeeze that would positively impact the price outlook.

Additionally, the recent U-turn by JPMorgan toward Bitcoin signals increased institutional attraction toward the coin. The renowned banking giant is looking at allowing institutional clients to use BTC holdings as collateral for loans as of the end of 2025.

This development could trigger higher demand for Bitcoin and boost the price in the long term for the asset.

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