Bitcoin’s Market Sentiment Takes A Turn As Long-Term Holders End Distribution...
The broader crypto market continues to experience heightened volatility, causing a robust sharp drop in Bitcoin’s price below the $85,000 mark after witnessing a slight upward push in the previous week. With BTC’s price undergoing strong bearish pressure, investors’ sentiment has taken a drastic turn, which might influence the flagship asset’s next trajectory in the […]
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Data released by Glassnode suggests Bitcoin long-term holder behavior has shifted from accumulation to distribution recently. Bitcoin Long-Term Holders Have Shed 222k Coins Off Their Stack Since May As per a new report from Glassnode, the BTC long-term holders have been spending up to 47k BTC per month in recent days. The “long-term holders” (or LTH in short) refer to the cohort of Bitcoin investors that have been holding onto their coins since at least 155 days ago, without selling or moving them. The “LTH net position change” is an indicator that measures the net....
Bitcoin is moving toward the target of the long-term correction within the upward trend. The ending of that rebound could provoke a continuation of the long-term trend and a turn to decline. When will the current rebound end? Bitcoin’s price is fulfilling its minimal correction targets at around $440. As there was no turn to decline on a long-term scope, the downward movement is limited. One confirmation of that is the stop around $440. A change of cycles usually happens at points like that. Now the market has to decide whether to continue its long-term trend or form a turn to decline. The....
How does Bitcoin’s positive online sentiment affect the market outlook? Data suggests that holders are suddenly becoming more active. The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, show that the Bitcoin Age Consumed experienced a large uptick with the recent price increase — a sign that tokens previously dormant are on the move. The Bitcoin Age Consumed metric is found by multiplying the amount of tokens changing addresses on a certain date by the time since they last moved. It is an indicator of volatility, which often precedes a directional....
The Spring has ended with Bitcoin exiting a flat, which has been there for more six months. Will that cause a continued long-term growth, or was it a false breakthrough? The long-term upward trend is continuing. After fortifying at the top limit of the long-term flat, Bitcoin’s price underwent a powerful upward impulse. Such movements usually appear when one of the development scenarios becomes unrealistic. A turn was needed around $450, in order for the long-term flat to continue. In that case, Bitcoin’s price would fall to the bottom limit of the flat, around $360-90. A turn to decline....
Bitcoin’s price is approaching a key mark, from which the long-term growth could continue. What is the market sentiment at the moment? Is Bitcoin’s price cheap, compared to the long-term trend? There was no turn to decline yet. Right before the 11th G20 summit took place in China, Bitcoin’s price went up by almost 10%. Many experts have noted that the yuan is unlikely to escape a new wave of devaulation in 2016. It seems that such news provokes investors into taking up new instruments to diversify. Also, one of the large cryptocurrency trading companies - BitKan - is determined to enter....