Last week, the price of Bitcoin fell below $27000, with short-term holders selling Bitcoin at a loss this year ranking second.BTC fell more than 3% last week, trading at $26887
Last week, the price of Bitcoin fell below $27000, with short-term holders selling Bitcoin at a loss this year ranking second.
- BTC fell more than 3% last week, trading at $26887.08.
- Although the price trend is bearish, the on chain indicators have turned bullish.
Bitcoin [BTC] successfully raised its price to over $27000, but last week, the situation was once again favorable for bears. This situation occurred because BTC experienced a significant price adjustment, resulting in a decrease in its price.
Therefore, let's take a look at BTC's performance in multiple aspects last week and see what the hype is.
Bitcoin fell below $27000
After reaching nearly $28000 on October 9th, the price of King of Cryptography underwent a price adjustment. Over the past 7 days, the price of BTC has remained below $27000. As of the time of publication, its transaction price was $26887.08, with a market value exceeding $524 billion.
It is worth noting that popular cryptocurrency analyst James V Straten recently pointed out Bitcoin's performance in multiple aspects last week.
For example, the number of Bitcoin sold at a loss by short-term holders this year ranks second, with a record high gap compared to long-term holders. This is also reflected to some extent in the supply of coins.
Last week, the supply of Bitcoin outside the exchange remained stable, while the supply inside the exchange increased, reflecting investors' concerns about further sharp price drops. Nevertheless, the whale activity surrounding Bitcoin remains high, as evidenced by its whale trading volume.
Overview of Bitcoin Mining Industry
The upcoming major event of Bitcoin is also coming, and blockchain is expected to halve by 2024. In fact, the BTC distance has been halved by less than 28000 blocks. BTC's computing power has reached a historic high and it is difficult to adjust by 6% this weekend.
As the event approaches, miners have begun to sell their holdings of assets. Glassnode's data indicates that the balance of miners sharply decreased last month.
Moreover, according to CryptoQuant's data, compared to the annual average, miners are actually selling assets at a loss. Although this reflects the lack of confidence among miners compared to the special currency, it may also indicate that the market may hit a bottom.
What are your expectations for Bitcoin
Although last week's situation was unfavorable for investors, the next few days may be different as there are almost no indicators that are optimistic about BTC. For example, Bitcoin's binary CDD is green, which means that long-term holders have experienced lower than average changes in the past 7 days.
Its NULP indicates that the market is in a "fear" stage, which is usually a positive signal. In addition, BTC's derivatives market indicators also appear optimistic.
It is worth noting that its Taker buy sell ratio and fund rate are green, which means that the buying sentiment in the derivatives market is dominant.
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