Why Is The Expected Rise In Bitcoin (BTC) Not Coming, What Does the Data Say For The Chain?

Leader cryptocurrency Although the unit spent the first quarter of the year with an increase, it remained flat in April and May, except for momentary events. The new on-chain data released confirms the situation, while the vast majority of experts speak of a selling pressure.

CryptoQuant analyst Axel AdlerJr. of bitcoin He explained on a chart why he could not break the $28,000 level.

According to the on-chain analyst, medium-term investors who bought Bitcoin in January-February made the profit they expected and went on sale in May. The Sum Coin Age Distribution metric has been showing a sharp downward movement since May 2, 2023.

Whales Are More Cautious

Another on-chain data tracker, Glassnode, focused on how Bitcoin whales move.

When assessing the #Bitcoin Accumulation Trend Score by Cohort, we note that the largest of Whales (>10K BTC) have transitioned from a regime of heavy accumulation to one of equally balanced inflows and outflows.

With all other major cohorts aggressively distributing coins, the… pic.twitter.com/mzoORrDyhs

— glassnode (@glassnode) May 17, 2023

glassnode According to the post from his official account, large whales with assets of more than 10 thousand Bitcoins follow a more balanced trade instead of accumulation. However, unlike giant players, small investors who take short-term declines as an opportunity continue to accumulate.

According to the data, the number of addresses holding more than 0.1 Bitcoin cryptocurrencies has exceeded 4.3 million as of today.

Why Doesn’t Bitcoin Rise?

Although the FED is likely to keep the interest rates constant in June, some Fed members’ increase signals are confusing. Especially considering the uncertainty of FED policy and a possible recession risk in the USA, BTC cannot perform as expected.

While all this is going on, the SEC’s harsh stance on the crypto money industry is one of the biggest factors that make investors nervous.

When we look at the price side, it is stated that $ 27,200 is especially important for BTC at this stage, while permanence on it may trigger the rise to $ 30,000 again. However, losing this level may bring up a possible $25,000 level.