Bitcoin Hovering under 65k from last couple of days. Despite Hong-Kong ETF approval news and the much awaited Marquee Event 'Halving' Bitcoin didn't performed as expected. The halving was ciated one of the most bullish event in crypto industry but Bitcoin had other plans. It now dumped Below $60,000 after February, But what are reasons for Bitcoins Dull performance.....
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🍡 Miners taking Profit From Bitcoin
The miners sent a large amount of Bitcoin to spot exchanges. Observing high volumes of Bitcoin coming from miners to spot exchanges often creates a sense of imbalance in the market.
We are observing the continuation of miners taking Profit frequently nowadays. Exchange inflow by miners are now steady and moving rapidly. The latest turmoil can be the reason most of the miners are looking forward to hold it after halving but the negetive sentiments pushed down the price and miners eventually moving their coins to CEX .
🐸 Demand Decreasing
Bitcoin prices are currently hovering around $60K, marking a two-month low. This comes as demand continues to slow following record-high growth in Q1 2024.
Monthly growth from permanent holders (pink area) has seen a significant decrease, dropping 50% from over 200K Bitcoin in late March to just 96K Bitcoin now. It could've backed by many factors but its one of the main reasons why Bitcoin didn't get elevation to fly after positive news.
🏵️ Short-Term Holders Selling Bitcoin At Loss
Short-term holders are currently moving their bitcoins at a loss. The Short-term Holder SOPR is around 0.9, which is below 1. This suggests that short-term holders are selling their coins for less than they paid for them.
SOPR (Spent Output Profit Ratio) for Bitcoin. SOPR is a metric used to assess whether short-term holders are selling their coins at a profit or loss. An SOPR value greater than 1 indicates that short-term holders are selling at a profit, while an SOPR value less than 1 indicates that they are selling at a loss.
There are a number of possible reasons why short-term holders might be selling their coins at a loss. One possibility is that they are panicking in response to a recent drop in the price of Bitcoin.
🦠 CDD Selling Pressure
CDD, or Coin Days Destroyed, is data that identifies when long-held Bitcoins are being moved. When holders move Bitcoin, it generally creates selling pressure in the market, suppressing upward movements and leading to minor downward movements.
You can examine the selling pressure in the market that starts after receiving CDD data from the table below. Without breaking this pressure, new uptrends won't emerge. The last high CDD data in the spot markets was on April 24th. After this data, we witnessed significant selling pressure.
🔆 Bitcoin Chart Analysis
Following the breakdown of both the symmetrical and horizontal support levels, BTC experienced a decline, with the former support now acting as a formidable resistance barrier. Market analysis suggests a probable continuation of the downward trend until a significant surge in bullish volume is observed.
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