Bitcoin (BTC / USD) Find out !!! Who brings down Bitcoin - Who is selling Bitcoin !!!
Bitcoin (BTC / USD) Find out !!! Who brings down Bitcoin - Who is selling Bitcoin !!!
Bitcoin continues to give bullish signals, but the price falls, today we will see who are selling their bitcoin.
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We will see them next
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Today we see that the price of Bitcoin touches the top of the re-accumulation channel, and moves back.
Will we continue in the re-accumulation channel?
There is news that indicates the purchase of Bticoin by institutional investors that would make the price go up.
It is also indicated by bullish signals.
But why is the price of Bitcoin falling?
For:
- Holders willing to sell
- Greater liquidity
Liquidity in Bitcoin
"From March 2020 to the start of May, a total of 744k $ BTC moved from Liquid to Illiquid state."
"During the recent sell-off, 160k $ BTC have been spent back into liquid circulation providing an indication of the supply that has changed hands."
source: glassnode
Reflection
- This liquidity makes the price fluctuate depending on external factors, positive or negative news that move the price up or down.
- Take Profit. This liquidity makes many investors take profits from their investments when they reach the stated objective. And since they are important investments of bitcoin, it makes the price move.
Who is selling their bitcoin
As we see in the graph, those who sell their bitcoin are the holders who have bought for 6 months.
But as we see in the graph, the percentage of bitcoin available to continue selling is decreasing
Those who have bought in the last 3 months have only 20% left.
A good piece of information to consider is that the holders that have bought 1 year ago have not sold.
Bullish news
- MicroStrategy issues $ 400 million bond to buy Bitcoin
- German funds will buy Bitcoin from the end of the month.
Bullish signals
Bitcoin continues in the channel lateralizing its price in a re-accumulation pattern
Mornig Star candlestick pattern (from a week ago)
Bitcoin has broken the resistance of the average of 20 daily periods, a few days ago, today it struggles to stay above, another good bullish sign.
Miners stop selling more bitcoin than they mine.
Dominance through the floor and begins to rise. (Warning !!! Alcoins).
Thinking that the price will continue to correct
All these bullish signals you can see their developments in previous post.
Re-accumulation Period, side channel.
Several weeks ago I had defined a re-accumulation channel, and I announced when the price of a boble buttom could then go to the maximum of the channel and bounce and so it was, today we see that the price has reached the upper limit of the same and has retreated.
Possibilities
The price of Bitcoin could continue in the channel, looking for strength to break it.
If we break it, upwards, with force in the next few days we could consider that the price would go up to 49,000 dollars in principle, ending the period of reaccumulation that had been set in the channel, and starting a new short upward cycle and continuing the one of long term.
By reaching objectives, we would also be setting growing highs and lows in the short term.
- If we break it down, we could go up to 21,000 dollars.Taking the height of the channel as target
What do you think?
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Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
We will continue monitoring
To be attentive
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
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