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Bitcoin [BTC]’s latest surge may not last long and the culprit is none other than…

Bitcoin [BTC]’s latest surge may not last long and the culprit is none other than…

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Price per Bitcoin [BTC] increased by 5.16% in the last 24 hours to $21,612.76, according to data from CoinMarketCap. The king coin was affected by the broader financial asset market decline. This resulted in the price dropping 12% in August alone.

However, the BTC market remains consistent and follows long-term well-developed trends BTC HODLERS remain “firm in their convictions.” Short-term investors continue to face challenging times. This is because macro factors continue to push the price of the number one coin south.

BTC for sale

According to an analyst at CryptoQuant Mignolet, the whales that have been gathering in recent days have continued to hold on to their BTC. In addition, chain data indicated that many BTCs have not been sold.

According to Mignolet, the last few days have been marked by a drop in the price of the leading coin. Still, the number of BTC distributed during that period has been a minute. According to Mignolet, this happens when the broader market is not interested in buying the BTC offered for sale.

Interestingly, the decrease in the reference price is not the result of large numbers of whales. Mignolet further pointed out that these ownership groups have not been interested in making a profit. Instead, no one is interested in buying.

Source; CryptoQuant

BTC in the last 24 hours

According to Mignolet, not many BTC had been distributed in the last few days. However, in the last 24 hours, $109,646,746 was withdrawn from the BTC market, Coinglass data revealed. These BTC settlements represent 62% of the total $297.32 million taken out of the general cryptocurrency market during the same period.

Source: Coinglass

On the daily chart, the leading coin appeared to have registered some traction after a price rally in the last 24 hours. According to CoinMarketCap, the 5% increase in the price of BTC led to an 18% increase in trading volume for the coin in the last 24 hours.

At the time of this writing, the buying pressure, albeit slowly, had gained momentum. This pushed key indicators such as the Relative Strength Index (RSI) and the Money Flow Index (MFI) northward. BTC’s RSI was at 55. Its MFI was also above the neutral zone of 50 at 51. Although the coin’s Chaik Money Flow (CMF) was flat, it had tried to cross the center line (0.0). It was found at -0.1 gravity.

BTC’s Moving Average Convergence Divergence (MACD) line intersected the trendline in an uptrend on September 8. This is usually an indication of the start of a bull cycle.

Source: TradingView

While this is not enough to conclude that a bull run was underway, a look at the leading coin’s online activity last week gave credence to the position. Unique addresses that have traded BTC daily over the past seven days have increased by 4%.

Data from Santiment also revealed a significant increase in BTC trading over the past seven days. During this period, it grew by 45 percent.

Source: Santiment

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