Bitcoin

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/bitcoin/bitcoin-news-on-chain-analysis-indicates-possible-further-correction-for-btc-price/">Bitcoin News: On-chain Analysis Indicates Possible Further Correction for BTC Price</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The Bitcoin (BTC) market is mainly controlled by three classes of investors; holders, cruisers, and traders. The behavior of these groups largely has an underlying impact on the Bitcoin price depending on whether it is during the bear or bull season. Essentially, long-term holders tend to take profits during bull markets and accumulate during bear seasons. </p> 
<p>Short-term holders, otherwise known as cruisers are mostly exposed to the Bitcoin market between 1-12 months. The interesting fact about this cohort is that they offload during bear markets and accumulate during bull seasons.</p> 
<h2 id="bitcoin-on-chain-behavior" data-name="bitcoin-on-chain-behavior" class="wp-block-heading">Bitcoin On-chain Behavior&nbsp;</h2> 
<p>According to a Bitcoin on-chain analysis provided by Intotheblock, the recent surge of BTC price to around $30k did not coincide with an increase in short-term holders as expected. Instead, Bitcoin’s long-term holder growth continued during the past few months. The phenomenon was a huge contrast with 2019 when Bitcoin’s return to $11k resulted in a significant boost in short-term holders.</p> 
<p>With long-term holders’ continued demand for the top coin, the on-chain analysis conducted by Intotheblock concludes a possible further correction in the near term. Moreover, the amount of Bitcoins held by short-term holders is currently less than prior to the 2021 bull run and continues to significantly decline.</p> 
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   <p lang="en" dir="ltr">1/ Long-term holders are persistently accumulating Bitcoin. The amount of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> held by short-term holders (&lt;12 months) is currently less than prior to the 2021 bull run and continues to decrease. An increase in short-term holders has often coincided with surging prices <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> <a href="https://t.co/x5Ek9UhuqT" rel="noopener noreferrer nofollow">pic.twitter.com/x5Ek9UhuqT</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1684877844776656896?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 28, 2023</a> 
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<h2 id="price-action" data-name="price-action" class="wp-block-heading">Price Action</h2> 
<p>A significant group of crypto experts believes Bitcoin could fall as much as $25k as its dominance sheds to the altcoin market. Nonetheless, there are high chances of the bulls pushing Bitcoin price beyond $32k fueled by inflation and heightened institutional demand.</p>

Bitcoin News: On-chain Analysis Indicates Possible Further Correction for BTC Price

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