It seems that the panic selling may have come to an end.

Data shows that last month, the amount of BTC held by long-term holders dropped to 14.33 million coins. This is the lowest level since March, coinciding with Bitcoin's pullback to $80,000.
But interestingly—now that BTC is rebounding toward $90,000, the selling pressure appears to be fading. When long-term holders stop selling, it usually means one thing: they believe the bottom has been reached.
Could this be a sign that the market clearing is finally over? The data suggests we may be approaching a turning point.