• 22 June, 2024
Market News

Is Bitcoin Preparing For A Pullback Following This On-Chain Data Signal; Read Here To Know More!

Short-Term Bitcoin holders are taking profit after recent price rally as per latest data

Bitcoin price remains positive for the day despite a sluggish movement. The pioneer currency opened higher and tested the high of $28,369.00. However it is trading in a limited price action after that. As of press time, BTC/USD reads at $28,255, up 0.22% for the day.

As per latest On-Chain data analysis, Bitcoin short-term holders increasingly sold their BTC holdings in the past few sessions. Still, the underlying sentiment in Bitcoin remains bullish.

According to Glassnode, short-term Bitcoin investors are selling while the Bitcoin hit the $28,000 mark.

Bitcoin investors reaping the gains as the largest cryptocurrency trading at nine-month high. Bitcoin Exchange Reserve was 2.19 million BTCs at the time of writing.  In the past week, BTC price decline turned BTC’s funding rates to turn negative for the first time in this year so far. However, a rebound in Bitcoin price this week caused it to reclaim its spot in the positive territory.

The Short Term Holder Spent Output Profit Ratio (STH-SOPR), an on-chain indicator that measures the price sold versus the price paid for BTC less than 155 days old. As per the above data,most short-term traders holding profitable positions likely make long positions in November 2021. The exit point is subsequently hinted at All time high.

Bitcoins Short-Term Output Ratio is at 1.05 indicative of short term traders activity in the recent coin distribution volume. Investor’s cohort has led to selling due to market volatility ahead of the Fed meeting,and the recent US bank crisis.

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