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Bitcoin sell the rally indicator flashes again as BTC price breaks below $45K
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Key indicator suggests the worst is yet to come for Bitcoin as it gets closer to capitulation
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Long-Term Holders Grabbing Bitcoin from Short-Term Holders, Here’s What’s Happening
Long-Term Holders Are Accumulating Bitcoin
According to the Glassnode chart, long-term investors are benefiting from the current situation by collecting Bitcoin from short-term investors who are selling their cryptocurrency out of panic. Similarly, the total Bitcoin supply held by investors such as Whales and financial institutions has significantly increased compared to the first seven months of 2021. On the other hand, Michael van de Poppe, a famous analyst based in Amsterdam, tweeted, “Bitcoin didn’t hold $35K, but holding the crucial area around $33K (mentioned earlier). Therefore, breaking $35K is vital for further upwards momentum. If that happens, I’m suspecting $38K as the next point of interest.”
Bitcoin Enters Geopolitics - Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides
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Jan 15, 2021 04:47 GMTCrypto News
Bitcoin SOPR is at extreme overbought conditions suggesting that the bull-run still is intact.
Short-term Bitcoin holders (traders) are helping to push Bitcoin in profit.
The Entity-Adjusted SOPR points to a possible pullback after overshadowing the 2017 top.
Bitcoin boasts of a nearly 30% rebound after touching the major support at $30,000 early this week. Despite the massive liquidations in the futures market, which saw over $1.5 billion wiped off, BTC presented a strong bullish front, bringing down the seller congestion at $36,000 and $38,000.
At the time of writing, the bellwether cryptocurrency is trading marginally above $39,000 after touching $40,000 on Friday during the Asian session. The Spent Output Profit Ration (SOPR), an on-chain metric by Glassnode, is exceptionally overbought, as Rafael Schultze-Kraft discussed, a renowned on-chain analyst. This situation calls for a couple of events; Bitcoin may settle for consolidation or embrac