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As Bitcoin (BTC) continues to put on new levels at all (ATH)-up to $ 123,218 on Binance on July 13-data on the series reveals a shift in a pregnant behavior that can threaten the ups of the cryptocurrency.
Bitcoin holder rotation may perform
According to A Cryptoquant QuicktTake Post by Tech Tech contributing, Bitcoin Long-term holders (LTH)-who hold BTC for more than 155 days-have moved to a net distribution, indicating that experienced investors participate in achieving profits.
Meanwhile, their bearers have turned in the short term (STH)-those who kept BTC with less than 155 days-recently into positive, indicating that they are buying in the current BTC assembly in anticipation of more gains.
Historical data shows that similar trends were observed between LTH and STH in April 2021 and November 2023. During both cases, BTC witnessed a cooling or local summit when immediate demand faded.
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In their analysis, information technology suggested monitoring exchange flows and financing rates to confirm. If the instant BTC flows rise to the exchange of encryption, it may hint that the pressure on the sale is likely to increase, which may hinder the course of the oud digital assets.
With the support of this opinion, the Cryptoquant series noted that the Consumer Gorge value index (SOVR) shows an increase in BTC transfers to exchanges from governors that contain 1000 to 10,000 BTC – are usually associated with whales.
For beginners, the SOVR index tracked the transfer of BTC on the chain by the value of the value to determine the active investor sectors. It helps to reveal whether retail, medium or institutional players are leading market activity.
This corresponds to information technology notes on long -term holders. If the pressure pressure is intensified, BTC can be corrected to the support level near 111,800 dollars.
Not all analysts see the depletion of the assembly
Although Bitcoin LTH distribution stage, whales that increase their deposits to encryption exchange may indicate a possible end of the current gathering, not all analysts share the same feelings.
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For example, the STH market value indicates the achieved value (MVRV) that BTC may still be less than its value, indicating the possibility of more bullish direction. If this continues, the Bitcoin height may reach $ 150,000 before any significant decline.
In addition, the fresh injection of $ 2 billion in the main encryption derivative platforms can help refer to the upscale momentum. However, caution is still justified.
Bitcoin Nvt Golden Cross climbs steadily, giving early marks on a feverish market. At the time of the press, BTC is trading at 118,754 dollars, an increase of 0.4 % over the past 24 hours.
A distinctive image of Unsplash, plans from Cryptoquant and TradingView.com