Tired bull: Will Bitcoin's decline continue?

The crypto market, which completed September on a rise, began to decline with the geopolitical tension that broke out in October. The leading crypto Bitcoin (BTC) pulled back to the $60,000 support, bringing hearts to the mouths. This support level was interpreted as one of the strongholds of the bull cycle.

Bitcoin (BTC) is trading at a level close to the $60,000 support. If this support level is lost, selling pressure may increase in BTC.

According to IntoTheBlock data, more than 44 million $BTC addresses, corresponding to 82 percent of the total number of addresses, are profitable.

Crypto analyst Ali Martinez drew attention to BTC's support point at $60,365 in his post on X. Martinez, who described it as a "vital position", said that if $60,000 is lost, BTC is likely to fall to $57,000.

On-chain data revealed that BTC's supply on exchanges has increased. “The increase in the amount of BTC on exchanges means that the selling pressure is increasing,” said AMBCrypto, noting;

“The indicator usually results in price corrections. On the other hand, the rest of the metrics look quite optimistic.”

The data, which shows that investors are selling at a loss, stated that long-term wallets have signed the lowest trading activity in the last week.

Pointing to long-term investors as a positive indicator, AMBCrypto noted;

“It is seen that the buying trend is dominant among futures investors. The metric in question can be considered a positive signal. The better news is that the BTC price is about to touch the lower limit of the Bollinger Bands. Whenever such an event occurs, it indicates a price increase soon.”

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