Why one Bitcoin on-chain analyst is short-term bearish on BTC price, for now
Several prominent on-chain analysts and traders have turned short-term neutral to slightly bearish on Bitcoin as BTC struggles to reclaim $33,000. Ki Young Ju, the CEO at CryptoQuant and an on-chain analyst, says Bitcoin (BTC) is neutral to short-term bearish for the time being.There are two major indicators that have been useful in spotting trend reversals in the ongoing bull cycle.First, whenever the Coinbase premium appeared, which means BTC is trading higher on Coinbase than on Binance, for example, BTC saw bullish momentum. Second, the momentum of Bitcoin strengthened when it saw....
Related News
Bitcoin has undergone a strong rally over the past few weeks. The coin has rallied from the $9,800 lows in early September to $11,400 now. Bitcoin may retrace in the near term, analysts say, as it faces down increased selling pressure. Despite these short-term bearish signs, the long-term trend remains bullish. Noted on-chain analyst Willy Woo says that Bitcoin’s long-term trend is still decisively positive despite short-term downside risks. What’s Next for Bitcoin? Leading on-chain […]
The price of Bitcoin dropped below $16,400 on the day following a massive short-term correction. On-chain analyst Willy Woo attributed the pullback to an overheated bull run. Before the pullback happened, the Bitcoin derivatives market showed signs of extreme buyer demand. The market was dominated by buyers and long contract holders, leaving BTC vulnerable to […]
On-chain data shows the Bitcoin short-term holder behavior has continued to display divergence from the price in recent weeks. Bitcoin Short-Term Holder SOPR Continues To Move Mostly Sideways As pointed out by an analyst in a CryptoQuant post, while the price has gone down recently, short-term holders have instead made more profits. The relevant indicator […]
Those who plan to short the ongoing bull run must think twice, as per on-chain analyst Kim-Young Ju. The chief executive of CryptoQuant, a data analytics firm, said in a Thursday tweet that traders have no reason to place bets on Bitcoin’s potential fall. He explained that despite the cryptocurrency’s short-term downside correction from its […]
Bitcoin’s price remains below the $100,000 mark, trading at $98,000 at the time of writing. While this positions its daily performance in positive territory, the larger picture suggests continued bearish pressure. Over the past month, Bitcoin has declined by 6%, and its current price represents a 10% decrease from the all-time high above $109,000 recorded last month. This prolonged downturn has led market participants to closely examine on-chain metrics for clues about what might come next. Related Reading: Bears In Trouble? Bitcoin Liquidity Signals A Brutal Squeeze To $111,000 Short-Term....