This is when Bitcoin (BTC) will say goodbye to bearish trend!
After the collapse of Terra, Celsius and Three Arrow Capital failed. This was followed by Vauld stopping his transactions and Voyager going bankrupt.
In the midst of such negative news floating around the crypto room, it is significant that the crypto winter is getting deeper and deeper with each passing day. While Bitcoin investors are still holding on to their position, the stock markets are losing their grip.
However, according to the Glassnode data, Bitcoin investors’ chain activity has fallen by 13% from November’s peak to the first week of July. These levels were last recorded during 2018 and 2019 when the flagship currency traded below $ 10,000.
This negative mood is slowly entering crypto exchanges as investors choose to withdraw their currencies and store them in crypto wallets. This has resulted in the stock exchanges losing more than 20% as of January this year.
The Glassnode newsletter claims that market visitors have almost completely left the Bitcoin market, leaving HODLers as the only stops.
Bitcoin is currently trading hands at $ 20,557, up 1.79% in the last 24 hours. At the moment, the demand indicator is flashing a negative indicator as most of the activity has declined on the stock exchanges. But since Bitcoin’s price has regained the $ 20,000 level, it seems that there are still reliable holders in the market.
According to data from Glassnode, holders who refuse to sell and trust their holdings are indisputable. On the contrary, the data show that flat transaction activity confirms Bitcoin consolidation.
Bitcoin price to move towards $ 28,000?
When it comes to Bitcoin prices, according to Criag Johnson, market analyst at Piper Sandler Company, the key area to watch out for is $ 18,910 and $ 21,557. Both of these price levels were seen in mid-June and late June, respectively.
Therefore, Johnson said in a recent interview with Bloomberg that if the King currency decides to have a price close above $ 26,000 or even $ 28,000, it will put an end to the bearish trend that has been seen since April.
On the other hand, since many exchanges are seeing a decline in operations, Coinbase Global Inc has seen a decline of 450,000 Bitcoin over the past two years. On the contrary, the Binance exchange has seen an increase of 300,000 Bitcoin in the same two years.
According to the data, June saw investors move their funds from stock exchanges to wallets, which in turn saw an illiquid increase in the Bitcoin supply by 223,000. Among these 223,000 supply figures, the majority of holdings consist of large owners 140,000 currencies in June.
Therefore, to sum it up, we can see that even though Bitcoin bears are trying their best to take everything under their control, it is Hodlers who are holding the market and giving some hope.
