Although Decision in XRP Case Was Welcomed, Bitcoin Doesn’t Look Good

• The altcoin market is experiencing a period of rapidly rising crypto prices following the court decision on XRP. In particular, XRP has seen an increase of over 66% in the last 24 hours.
• BTC was also expected to surpass a significant resistance level of $31,500 for the first time since June 2022. However, at the time of writing, it has fallen back below this level.
• The increase in BTC reserves on exchanges also indicates a sentiment of selling, which could halt BTC’s gains.

While the decision in the XRP – Ripple case has revitalized altcoins, the same cannot be said for Bitcoin (BTC).

Altcoins are on the move, but BTC is lagging behind

While the crypto market experiences a major bull rally with most altcoin charts painted green, Bitcoin appears to be lagging behind. The altcoin market is experiencing a period of rapidly rising crypto prices following the court decision on XRP. In particular, XRP has seen an increase of over 66% in the last 24 hours. On the other hand, BTC has been moving at a slower pace.

According to data, BTC’s price has increased by about 2% in the last day and approximately 3.4% in the last week. At the time of writing, BTC is trading at around $31,170 with a market capitalization above $605 billion.

According to Santiment’s data, BTC was also expected to surpass a significant resistance level of $31,500 for the first time since June 2022. However, at the time of writing, it has fallen back below this level.

An interesting point to note is that sharks and fish have played a significant role in this success. Data shows that whales have reduced their holdings, while sharks and fish have accumulated more Bitcoin.

Additionally, the latest data from CryptoQuant revealed that miners, along with investors, have played a role in driving up BTC’s price. The Exchange to Miners Indicator data showed a moderate increase in inflow from miners to exchanges, but it was lower compared to the inflow from exchanges to miners. This indicated that miners were inclined to hold onto their Bitcoin assets.

The situation is not particularly encouraging for Bitcoin

While the mentioned metrics may seem exciting, the reality is different. For example, miners’ sentiment has shifted, as evidenced by the red Miners’ Position Index (MPI). Bitcoin’s ASOPR (Adjusted Spent Output Profit Ratio) was also in the red, indicating that miners were reducing their positions by selling their holdings for profit.

The increase in BTC reserves on exchanges also indicated a similar selling sentiment, which could halt BTC’s gains. Additionally, BTC’s taker buy/sell ratio in the derivative market showed a dominant selling sentiment, which was concerning.