Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?
20 Settembre 2021 - 9:42PM
NEWSBTC
Without consensus on its implications, the Evergrande potential
default has impacted the traditional market, and Bitcoin. The first
cryptocurrency by market cap started the week with a correction
with risk to trend further down. At the time of writing, Bitcoin
trades at $43,462 with a 9.1% and 6% loss in the daily and weekly
chart, respectively. Bitcoin Holds On To Critical Support Pseudonym
analyst IncomeSharks claimed that Bitcoin could be at the beginning
of a correction. The analyst looked at BTC’s On Balance Volume
(OBV), a metric used to measure momentum. Related Reading | Bitcoin
Price Sinks 10% As Market Braces For Macro Storm Ahead As seen
below, Bitcoin has been moving sideways on its OBV since it moved
to the upside at the end of July. This coincides with BTC breaking
out from its former range, and its current price action. If Bitcoin
break to the downside on its OBV, bulls could face hurdles on their
attempts to reclaim previous highs. In the meantime, the $40,500 to
$43,000 will operate as critical support, according to analyst Daan
Crypto Trades with $50,000 still operating as major resistance.
This analyst said: BTC I’m seeing $40.5-50K approximately as a big
range we’re in. We initially got rejected by the upper resistance
area and now came back down. The entire 40.5-43.5K area should
offer good support and I doubt we’d fall below that without much of
a fight. Bitcoin Indicators Favor The Bulls Despite the current
price action and the macro-economic elements that suggest more
downside, Bitcoin seem to show strength on some of its
fundamentals. Part of the reason for the crash, according to a
Glassnode report, is some BTC holders taking profit on upper
levels. Since late July, the market has consistently realised net
profits on the order of around $1B per day as prices rallied from
$31k to over $52k. This suggests a relatively meaningful bid has
supported the market on the way up. An important metric that has
favored the bulls is the amount of Bitcoin sitting on exchange
platforms. Standing at a 13% of BTC total supply, a new multi-year
low according to Glassnode, the metric has continued to trend
downwards. Related Reading | New To Bitcoin? Learn To Trade Crypto
With The NewsBTC Trading Course As seen below, the amount of BTC on
exchanges returned to levels last seen in February 2018. This was
followed by a period of consolidation before Bitcoin gather enough
strength to score a fresh all-time high.
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