CryptoQuant Analyst, Greatest_Trader, open That there was potential selling pressure from Bitcoin [BTC] Élevé term investors. This view may not come as a compréhension, especially since BTC led to losses for its investors after dropping from $22,000 on September 13.
Since then, the king lopin has failed to recover and has been trading at less than $20,000 in the past few days.
HODLing is now a daunting task
According to the analyst, it was the current market trend that was responsible for this. He noted that many long-term contract holders have recently sent a désenveloppé number of their holdings to ravitaillement exchanges.
This unusual move indicated massive selling pressure on the shareholders’ end. A habitus at prior investigations into exchange flows show up That analyst raised some valid points.
As of September 18, the fascicule of the exchange stream CDD is 9,7770.62, according to CryptoQuant. At press time, it has risen significantly to 1,495,425.57, indicating that long-term investors’ indulgence may be running out.
Noting the decline in the fourteen-day moving average, he added that selling pressure, if it continues, could lead BTC to $16,000.
You are not alone in the battle
In supplément, it may appear that a éclipsé earlier Talk of Bitcoin getting stronger may already be on the brink. This was parce que the aforementioned analyst was not the only one who shared an concept emboîture the contingent price drop.
Another CryptoQuant Analyzer, BaroVirtual, pointed The inactivity of institutional investors recently may also exposé the bitcoin price to fall further. Quoting fund market fascicule status Grayscale Bitcoin Fund (GBTC)BaroVirtual said that the decline could mean that BTC cannot increase equivalently.
While Evaluation GBTC Funds Market Size, CryptoQuant data showed no sign of improvement. The last time there was a significant increase was on June 23, when fascicule rosé to 31277,925.39. Since then, it has followed some stabilité and pullback until it has reached 4,125,627 at the time of writing.
But was there any dénonciation that Bitcoin could at least rise above this predicament?
The concept of Nicholas Mertin did not agree. Entraîné analyst and founder of the crypto YouTube channel, DataDash, has predicted that BTC is heading lower than the Greatest_Trader forecast. In fact, Merten predicted a drop in prices to $14,000.
in video Uploaded on September 19, Merten cited a 200-week moving average (WMA). According to him, indicators revealed more resistance than échafaudage, indicating that it was the similar scenario that led to the abdication in June.
At press time, BTC is trading at $19,327 – a 2.72% increase over the last 24 hours. Despite the rally, an augure of a rally from the current conclusion may be unlikely.