Bitcoin Price Update: Profit Taking Affects Current Market Movements
The Bitcoin price range has become significantly more subtle over the last several years as it has grown in popularity as a cryptocurrency. It is currently valued at $42,398.83 as of Sunday. On Saturday, the BTC/USD exchange rate increased by 7.07%. Bitcoin ended the day at $42 414, up 3.54% from Wednesday’s low. According to analysts, investors are in profit taking mode this week, rapidly eroding daily gains and capping the market at around the 45K level. Bitcoin fell to an intraday low of $43,917.4 Saturday morning before recovering. Late in the day, a new high of $48,598 was set,....
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While demand for Bitcoin remains high, current profit-taking behavior suggests that the market may be on the verge of turning bearish. After weeks of Bitcoin (BTC) sell-offs, high-net worth Bitcoin holders, or whales, are finally back to buying. Their buying activity not only picked up when BTC's price broke out of the two-months ascending triangle to new all-time highs, but it has also stayed intact since the price crash on April 18.Whales have come back to accumulate BitcoinWhales' continuous buying activity comes at a time when the number of addresses holding more than 1,000 Bitcoin has....
Despite Bitcoin reaching new highs, the BTC SOPR data may suggest current market activity resembles that of an early bull run. Bitcoin SOPR Shows Profit Taking Is Mild Despite New ATH As per the latest weekly report from Glassnode, the BTC SOPR shows that the current profit taking behavior of the market is mild, even though the crypto just reached new highs. The Spent Output Profit Ratio (or the SOPR in short) is a Bitcoin indicator that highlights whether holders as a whole are currently selling at a profit or not. The metric’s value is calculated by taking the ratio between the....
On-chain data shows the profit-taking among Cardano investors has spiked to high levels, a sign that the asset may register a decline in the coming days. Cardano Has Observed High Profit-Taking After The Rally According to data from the on-chain analytics firm Santiment, AAVE, ADA, and CRV are among the altcoins that have recently observed the most extreme profit-taking. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name suggests, tells us about how the profit-taking volume of any cryptocurrency compares with....
On-chain data shows that Ethereum traders are capitulating following the slowdown of the rally, something that may turn out to be positive. Ethereum Traders Are Selling At A Loss Right Now According to data from the on-chain analytics firm Santiment, ETH investors are getting increasingly frustrated as they are now participating in significant loss-taking. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name already implies, compares the profit-taking volume to the loss-taking volume for any given cryptocurrency.....
Louis Navellier was on CNBC to talk about the current chart movements in Bitcoin. Talking about the price movements, Navellier said he believed that the price could very well fall below $10k. According to Louis Navellier, the pandemic is taking us back to where we were before it all started. Pointing out that the price […]