Bitcoin’s Uncertain Future: Profitability, Selling Pressure, and Potential Bull Run
90% of Bitcoin holders are in profit – Should you buy more or sell?
Currently, 90% of Bitcoin holders are in profit. So should you buy more or sell? Many investors have taken the opportunity to accumulate BTC when prices fell and are now enjoying profits.
Selling pressure on Bitcoin is increasing
The selling pressure on Bitcoin has been increasing lately. Market indicators were bearish and pointed to a further price drop. Expectations for Bitcoin [BTC] increased in the recent past when the king of cryptos surpassed the $46,000 mark. Just before the uptrend, large holders recognized the buying opportunity and hoarded BTC.
Investors bought the dip!
In recent days, the BTC bulls have stepped up their game as the price of the king of cryptos exceeded $46,000. According to CoinMarketCap, BTC rose by more than 2% in the last seven days. At the time of writing, BTC was trading just below $46,000 at $45,980 with a market capitalization of over $901 billion. Thanks to the price increase, most BTC investors made profits.
Bitcoin on the way to another bull run?
Meanwhile, one of BTC’s key metrics reached a critical point. The Blockchain Backer recently posted a tweet highlighting BTC’s Fibonacci retracement level. For beginners, this metric shows horizontal lines indicating where support and resistance are likely to occur. According to the tweet, Bitcoin’s market capitalization reached the 0.618 Fibonacci retracement level.
Conclusion
It remains to be seen whether BTC will start a bull run. There are some bearish indicators that point to a possible further price drop. For example, the Bitcoin price touched the upper limit of the Bollinger Bands. In addition, its Money Flow Index (MFI) also recorded a slight decline, which increases the chances of a further price drop in the coming days.
Sources: AMBCrypto, CoinMarketCap, Santiment, CryptoQuant, TradingView.
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