Despite the recent price drop, the number of long-term BTC holders has increased.
In the event of a bullish takeover, #BTC could initially recover $BTC Over the past 24 hours, the #bitcoin [BTC] price has declined significantly, failing to retest the all-time highs that many had hoped for. However, over the past few hours, BTC has been somewhat consolidating around $BTC the nearest targets, see the bitcoin clearing heat map.
According to CoinMarketCap, over the past 24 hours, the price of BTC has fallen by more than 4%. At the time of writing, KingCoin's market capitalization has surpassed $1.31 trillion and is hovering around $BTC AMBCrypto examined IntoTheBlock data and found that despite the recent drop, the number of long-term BTC holders (addresses that have owned BTC for more than a year) has increased.
AMBCrypto examined CryptoQuant data and found that its binary CDD has turned green. This means that long-term holders have moved below average over the past seven days. They want to hold on to their coins.
Another bullish indicator was funding levels, which were on the rise. However, not everything was in favor of BTC.
For example, according to Coinglass, the ratio of long and short positions in BTC has significantly decreased. The drop in this ratio indicates that there are more short positions in the market than long positions.
This suggests that bearish sentiment around the #cryptocurrency king is growing.
Then AMBCrypto checked the daily chart of BTC to see in which direction BTC will move in the future. The Relative Strength Index (RSI) chose a sideways trend, suggesting that it will remain stable for a few more days.
The MACD technical indicator also showed similar readings, indicating a possible bearish crossover.
However, the Bollinger Bands showed that BTC is about to test the 20-day simple moving average (SMA).
below that, BTC could fall to the $ 60k level.
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