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Bitcoin Price Struggles to Hold $30,000: Will Bears Take Control?

  • The statement from BlackRock CEO Larry Fink recognizing Bitcoin as an international asset has instilled a sense of success among BTC investors.
  • Infographics show that 73.57% of BTC holders are in a profitable position, and 47.90% of weekly transactions are taking place.
  • Despite the enthusiasm and confidence surrounding Bitcoin, the long/short ratio of BTC is in a disappointing position.

While 29% of Bitcoin supply has not moved in the past five years, the increasing inflow of BTC to exchanges may continue the price decline.

73% of Bitcoin Holders in Profit

bitcoin-btc

Larry Fink’s recognition of Bitcoin as an international asset has given BTC investors a sense of achievement. Fink also mentioned that BTC could play a role in digitizing gold. There were more things to celebrate.

According to data shared by IntoTheBlock, all eyes were on BTC in the market. The infographics showed that 73.57% of BTC holders were in a profitable position, and 47.90% of weekly transactions were taking place. Another notable point was that 29% of the total BTC supply had not moved in the last five years.

bitcoin-on-chain-2023

In addition to the above sentiment, analyst Willy Woo states that 4% of the world’s population has adopted BTC, and this rate is expected to increase. Accordingly, BTC is predicted to have a better adoption performance than other assets in the next two or three decades.

Despite the enthusiasm and confidence surrounding Bitcoin, the long/short ratio of BTC is in a disappointing position. At the time of writing, the long/short ratio of BTC stood at 0.9681. The percentage of long positions was 49.19%, while the percentage of short positions was 50.81%.

BTC reaching $31,000 may have caused some investors to change their minds to take profits and exit the market. However, the small difference between long and short position holders only indicated that some investors had changed their minds.

Are Bears Trying to Take Control?

The more the emotional atmosphere around BTC rises, the price movement could surprise those expecting the bulls to charge ahead. At the time of writing, BTC was trading at $30,013, which represents a 0.41% increase from the opening price of the day.

The Relative Strength Index (RSI) is also trending downward and is at 56.73. Its movement towards the neutral line indicates some selling pressure in the market. Additionally, BTC’s Money Flow Index (MFI) is at 31.65.

A sign that some investors are withdrawing BTC to take profits can be seen in the net flow of BTC to exchanges. At the time of writing, the net flow of BTC to exchanges was recorded at 1,567. This was not a positive sign for BTC. To explain, when the inflow is higher than the outflow, it means more traders are depositing their BTC to exchanges.

When the inflow is higher than the outflow, it suggests that the ongoing price correction of BTC may continue. This situation may persist until there is a revival in buying pressure for BTC or the net flow of exchanges shows more outflow than inflow.

bitcoin-net-transfer-volume-from-to-exchanges-btc-all-exchanges

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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