Key insights:
- Exchange deposits of Bitcoin held for 18 months to 3 years by long-term holders could signal the end of the current bull market.
- The previous bull market in 2019 ended when holders who bought at the 2017-2018 highs deposited a large amount of Bitcoin on exchanges.
- There is currently no indication of a sell-off from long-term holders who purchased at the 2021 highs.
Recent market analysis suggests that the current Bitcoin bull market may be at risk of ending if long-term holders start depositing their coins on exchanges. This trend was observed during the previous bull market in 2019, where long-term holders who bought at the 2017-2018 highs deposited a significant amount of Bitcoin on exchanges, resulting in a sharp price drop.
Experts believe that a similar pattern could occur with the current bull market, and investors should keep an eye on exchange deposits of Bitcoin held for 18 months to 3 years, particularly those who bought at the 2021 highs.
It’s crucial to note that no sign of a sell-off from long-term holders has been detected yet. This is good news for investors, as it suggests that long-term holders are still optimistic about the market’s future potential. However, given the historical pattern of long-term holders depositing their coins on exchanges, it’s essential to remain vigilant and stay informed about the latest market trends.
However, while the current Bitcoin bull market is showing positive signs, it’s important to remember that market conditions can change quickly, and investors should always exercise caution when making investment decisions. By monitoring exchange deposits of Bitcoin held for 18 months to 3 years, investors can gain valuable insights into the market’s sentiment and make informed investment decisions.
Bitcoin Price Analysis
The latest Bitcoin price analysis shows a bearish trend across the BTC/USD pair, with the price trading in a range of $27,607 to $28,475 over the past 24 hours. BTC is currently sitting at 28,250, with a loss of 0.36% since the beginning of the day.
The resistance level of $28,475 has failed to hold on several occasions over the past few weeks, while the support level of $27,607 is not very strong. This means that BTC could continue to remain mostly range-bound in the near term, and if the resistance level of $28,475 is breached, it could lead to further losses.
Additionally, technical indicators currently show a lack of strength in the bulls. The MACD indicator has crossed over into bearish territory, and both the MACD lines have stayed below the price line for most of the day.
The Relative Strength Index (RSI) also indicates a trend of bearishness, with readings at 62.77 and the indicator trending to the south. The moving average indicators also show bearish sentiment, with both the 50 and 200-day MA lines continuing to remain below the price line.
Overall, Bitcoin’s current price trend is bearish, and a break below the $27,600 support level could lead to further downside. Investors should keep an eye on long-term Bitcoin holders’ exchange deposits to gauge market sentiment. A large sell-off from these holders could signal the end of the bull market, so investors should remain vigilant and keep an eye on the latest market developments.
