Although Bitcoin has lost more than $17,000 in just a few days, on-chain data shows demand for Bitcoin is still high. Here are those indicators that indicate that the Bitcoin bull run will continue…
Can the Bitcoin bull run continue?
About ten days ago, achieved impressive momentum towards the top and recorded an all-time high of $64,800.. This coincided with the long-awaited ‘water. However, after the peak, the situation reversed.
On Sunday last week, BTC dropped to $51,500, slumping to a 3-week low.. Although he made several more jumps in the following days and largely recovered his losses, he has not been able to fully straighten himself in the declines that have been going on for the last 48 hours.
As always, the community has sparked intense discussion on possible causes of the decline.. The strongest was the theory that linked the market crash to the proposed new tax bill on capital gains in the US.
Bitcoin fell, $4 billion liquid!
Shows $4 billion liquidation in a 24-hour time frame. These negative market movements once again caused huge losses for investors and panic selling continued for a while.. However, some community members found positive news despite the trend.
So that; The ratio of funds held on exchanges and data from miners indicate that Bitcoin may continue its bull run in a short time.. Now, he said, “volatility has finally reset”. According to him, this could make the next run sustainable.
As BTC supply drops; demand is increasing!
A popular analyst, citing a chart shared by analytics firm CryptoQuant, explained the valid reasons that may still support the bullish outlook for BTC:
- Bitcoin investors continue to withdraw their holdings from exchanges.
- Miners refuse to sell despite the incredible price drop!
The number of Bitcoins held on cryptocurrency exchanges continues to decline. That is, as investors accumulate their assets and continue to withdraw from trading platforms, the selling pressure decreases. data supports this.
Also, miners have stopped sales. In fact, recently, Bitcoin miners started short selling, which resulted in serious losses, albeit for a relatively short period of time.. However, since then, miners have taken a break from sales and started HODLing.
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