Selling pressure comes from institutions and governments selling their assets. As I recall, some time ago in July, the German government started and 4 days ago on Friday, the US government also joined in selling 69,370 BTC that had been confiscated, but the good news is that yesterday Michael Saylor also just bought 2,530 BTC so the market is starting to move again, although another decline could occur at any time.
We have seen in various news that the bitcoins sold by the German government were seized bitcoins, just like the bitcoins sold by the US government were seized bitcoins. Maybe after this country sold bitcoin the price of bitcoin decreased slightly but currently the price of bitcoin is increasing again. We are currently seeing positive trends in the Bitcoin market like different states are accepting Bitcoin, different banks are accepting Bitcoin, different companies are accepting Bitcoin. Which are positive aspects for the Bitcoin market.