Bitcoin's price might be headed in for more pain in the short term, but will it be a buying opportunity?
Bitcoin’s price might be headed in for more pain in the short term, but will it be a buying opportunity?
Bitcoin’s price has failed to overcome the critical resistance level at $25,000 and has since retraced to where it currently trades at $21,500.about 15% of its dollar value and has closed only four days in the green. Now, data suggests that there might be more pain to come, at least in the short term.
Data reveals that the miners have moved to reduce their reserves since August 8. An analyst from the popular resourceThe percentage change in the positions of BTC miners indicates that miners have again moved to reduce their reserves since August 08,2022, and now their net balance is in the negative zone.Source: CryptoQuantAs evident in the chart, BTC’s price tends to decline or, at best, range to the downside when miners’ reserves hit negative values.
You may notice that in previous times when miners’ balance was reduced, BTC tended to decline to free fall or range decline trading. The current situation requires closer attention to the miner flows. On the other hand, any subsequent dip in the price could also constitute a buying opportunity, according to further analysis fromThis is because the ratio of users who hold between one week and one month has dropped below 4%.When the ratio of this period fell to 4% or below the yellow dotted line , the bottom in the cycle was reached.
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