Bitcoin bulls stand firm as short-term traders prepare for a potential dip

However, bullish sentiment remains in the market., Bitcoin’s [BTC] Exchange Reserve metric has spiked due to the king coin trading at a nine-month high, indicating that traders have been cashing in on the recent surge in price to make profits.

A rise indicates higher selling pressure lingers in the market, while a decline suggests traders favor accumulation.In an uptrend, Cryptohell opined that based on the characteristics of BTC’s Exchange Reserve, “it’s likely that short-term traders are the ones sending Bitcoin to the exchanges.”The analyst assessed BTC’s Short-Term Output Profit Ratio metric to determine what short-term traders have been up to.

Further, Cryptohell explained that this investor cohort has taken to selling their holdings due to various factors impacting the current market situation.

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Assessing the odds of Bitcoin touching $32,000 in the near termA recent analysis revealed the possibility of BTC’s price touching $32,000. However, on-chain metrics suggested that BTC’s chart can head in any direction. Bitcoin [BTC] continues to push its price upward and it even crossed the $27,000 mark recently. At press time, BTC was up 4.5% and was trading at $27,331.13 with a market capitalization of […] BTC has been ranging between $25.2K and $24K for the last few days. A break out of the green boxes will take us to the next consolidated zone (Highs $28, Lows $22.8K) kat_brend, she’s here during ups and down, her tweets, TA, & tips are accurate, It been helpful Follow her
Source: CryptoAmb - 🏆 22. / 68 Read more »