Bitcoin is still hitched to macro-economic factors with possible rate hikes still weighing the market down. That doesn’t, however, signal a lack of money bags waiting to pounce at the right opportunity.
Most likely scenario is to continue to consolidate here, but if risk appetite remains firm in February, a lot of money on the sideline is ready to pounce.
The apex coin has reached its fourth-most oversold point in history, high values for dormancy flow mean that old coins are moving. Extremely low values, like we are seeing currently, show that most of the coins being transacted are young, suggesting that short term holders are capitulating while long term holders are holding / accumulating.”
Data indicates that we have reached a point where the gap between long-term holders and short-term holders of Bitcoin is at its greatest ever.
Bitcoin "price has decreased by over 50% over the past few months, whales have been accumulating, while short term holders capitulating.
With the de facto legalization of cryptocurrencies in India, there’s a chance the subcontinental country could become a source for funds flowing into the apex coins and other cryptocurrencies, a survey discovered that 82% of Indians plan to invest in Bitcoin and cryptocurrency, which could represent an extra 15% of the world’s population investing in the segment.
If bitcoin loses this level at $37K, I think it will start to drop fast towards the lower bound of the region around $34-35K
Bitcoin will continue to take a cue from what is happening on Wall Street and right now it looks like next week’s inflation report could be the main event.
Most likely scenario is to continue to consolidate here, but if risk appetite remains firm in February, a lot of money on the sideline is ready to pounce.
The apex coin has reached its fourth-most oversold point in history, high values for dormancy flow mean that old coins are moving. Extremely low values, like we are seeing currently, show that most of the coins being transacted are young, suggesting that short term holders are capitulating while long term holders are holding / accumulating.”
Data indicates that we have reached a point where the gap between long-term holders and short-term holders of Bitcoin is at its greatest ever.
Bitcoin "price has decreased by over 50% over the past few months, whales have been accumulating, while short term holders capitulating.
With the de facto legalization of cryptocurrencies in India, there’s a chance the subcontinental country could become a source for funds flowing into the apex coins and other cryptocurrencies, a survey discovered that 82% of Indians plan to invest in Bitcoin and cryptocurrency, which could represent an extra 15% of the world’s population investing in the segment.
If bitcoin loses this level at $37K, I think it will start to drop fast towards the lower bound of the region around $34-35K
Bitcoin will continue to take a cue from what is happening on Wall Street and right now it looks like next week’s inflation report could be the main event.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.