According to one com.onchain From an analysts’ point of view, we may see downward pressure in the coming weeks. Bitcoin (BTC) is expected. In fact, more than $1.7 billion of “dormant” Bitcoin has been moved, which could lead to increased selling pressure.
Inactive Bitcoin Transferred
On August 13, the trader wrote to XBTManager: Message on CryptoQuant A total of 29,206 bitcoins were suddenly moved. The coins had been inactive for three years, but suddenly started moving between August 11 and 12.
XBTManager reported that 18,536 bitcoins, which had been dormant for two to three years, were moved on August 11. This put significant pressure on the price of bitcoin. A few hours later, another 5,684 bitcoins, which had been dormant for three to six months, were moved.
A day later, on August 12, another 4,986 and 2,394 bitcoins were moved. These coins had been inactive for three to twelve months and three to five years, respectively.
When bitcoins are held idle for a long time, it often leads to increased selling pressure in the market. In times of low liquidity, this can put downward pressure on prices, which may persist.
Bitcoin Uncertainty
And with a -20 percent drop compared to the highest point Bitcoin has ever seen. Uncertain time It has shaken the entire cryptocurrency market. The latest correction is the deepest in this cycle. The bottom may not have been reached yet, as historically such corrections are often followed by a second or third wave of selling.
This sharp decline has also weighed on market sentiment and investors are now suffering losses. With a 3% rise today, Bitcoin seems to have found its way back after the crisis. Inflation figures announcedThe Consumer Price Index (CPI) announcement is likely to be a… greater impact You have on the price of bitcoin.
Cautiously optimistic
In an investment note dated August 14, IG Markets analyst Tony Sycamore offered a bullish outlook for Bitcoin in the medium term. He notes that improving macroeconomic conditions following the crypto market sell-off in early August are supporting Bitcoin’s price.
Sycamore stressed that the improvement in risk appetite and lower US yields, driven by lower producer price indices, were positive for Bitcoin. At the same time, he noted: Glassnode Analysts point out that the market is showing signs of uncertainty, but there is also a growing preference for HODL’ing.
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