The signals are clear-Long term Bitcoin Holders are divesting their holding. In comparison to the June mayhem in the crypto sector when the hodlers profited most and the whales were making a killing, the profiting appear to lessen from the price rally as compared to short term holders.
Bitcoin Holders DivestingTheir Holdings?
As per data received from Crypto Quant, the Bitcoin holders are not profiting much in comparison to the short-term investors and the long-term holders are slowly selling their holdings. Looking at the chart, the divergence in the chart can be clearly seen when the long-term holders made a killing when the crypto mayhem of June was on than the present $25,300 top.
Bullish Or Bearish Movement?
Looking at the charts Crypto Quant analysts predict a target of $28,000 to $32,000 for the medium term. Since selling pressure is bound to occur, a breakout in either way up or down is possible. There is a small possibility that Bitcoin could breach the June price lows.
A chance of retest at $23,000 is also there but this could happen if BTC faces another rejection at the $19000 level.
Miner reserves are also falling in recent times. This is not a good signal for a Bitcoin trader and this is also a precursor for another tanking in values of the number one coin. The crypto trading community is also keeping a close watch on the ongoing Merge update of the Ethereum platform. The Ethereum Merge will bring huge change of the Ethereum platform and it will shift from Proof of work to proof of stake methodology
BTC values have tanked below the $20,000 for the first time in the past one month. When reports last came in Bitcoin (BTC) was changing hands at $19,994.38 down -3.01 % in the past one day. The last time BTC prices fell below $20K was on 14 July.