Bitcoin (BTC) and altcoins, the rally that started in the new year continues to show its effect.
With the enthusiasm of the rally, Bitcoin sees above $ 23,000 altcoinThere was also upward movement in the
BTC and on-chain data platform capitalizing on this rise in altcoins CryptoQuant The analyst said that Bitcoin is approaching an important turning point after its rise in recent weeks.
Stating that the data shows that there is still a lot of uncertainty about which direction BTC will move in the near term, the analyst stated that Bitcoin is testing a significant bearish resistance.
“Looking at the on-chain and technical data, it seems that Bitcoin is at a critical decision point.
Bitcoin is currently below long-term bearish resistance and is retesting it.
If it is broken, it means the end of the downtrend. Otherwise, we will see the price drop again.”
CryptoQuant analyst, who also evaluated in terms of onchain data, said that Bitcoin miners and short-term investors increased their sales.
Prepared by the analyst Miner Position Index (MPI) and Bitcoin Miners Outflow In the charts, it is seen that miners who want to turn the price rise into an opportunity have recently observed a significant Bitcoin outflow from their wallets.
Also short term BTC investors also want to make quick profits from these levels before the Bitcoin price drops further.
With these data, the analyst pointed out that the BTCs in the portfolios of the big investors of the market, including the crypto money exchanges, did not increase. BTC’He said that means that they do not believe that the downtrend in the market has been broken yet.
In a table where miners and short-term investors are selling but big investors are not buying BTC bitcoin We will be watching whether the bulls or the bears will win in deciding what happens next in the price.
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