Having a good start to October and rising up to $28,500 Bitcoinfell back to $ 27,000 levels.
Among analysts BTCWhile there is a difference of opinion on what the direction is, some expect an increase and some expect a decrease.
Speaking to The Block CryptoQuant Analyst Adam Mourad Evaluated Bitcoin’s price movement.
Stating that short-term Bitcoin investors sold during the week, CryptoQuant analyst said that long-term Bitcoin investors bought the sold BTCs.
Stating that Bitcoin found support above $ 27,000 as long-term investors bought, the analyst said, the decline was due to short-term investors making profits and starting to sell when Bitcoin reached $ 28,500. said.
“Long-term Bitcoin investors bought short-term Bitcoin investors sold during the week. With this purchase, BTC created a support level at 27,100.
At this point, the supply held by long-term investors is at the level of 15.6 million BTC.
“In stark contrast, the supply held by short-term investors fell to 3.8 million Bitcoins, a level not seen since November 2015.”
The analyst pointed out that the short-term profit and loss measurement also showed that the short-term investor group sold with a profit at the beginning of the week. “Short-term investors have seized the opportunity to secure profits or limit losses, opting to take advantage of Bitcoin’s bullish momentum, especially its rise to $28,500.” said.
The analyst lastly commented on long-term Bitcoin He added that investors continue to save.
*This is not investment advice.
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