Bitcoin

Coin

Last week, <a href="https://en.coin-turk.com/bitcoins-price-movement-will-it-drop-to-20000-or-soar-to-new-heights/" data-wpel-link="internal">Bitcoin</a> (<a href="https://en.coin-turk.com/will-bitcoin-soar-market-movements-amid-us-debt-ceiling-uncertainties/" data-wpel-link="internal">BTC</a>) rose above $44,000 but nearly reached an important resistance level at $45,000 and then fell again. What kind of movement is expected for BTC according to analytical reports and statements by a CryptoQuant analyst? 
<h2 id="expert-opinion-on-btc">Expert Opinion on BTC</h2> 
According to a report by an analyst at the cryptocurrency analytics platform CryptoQuant, profit-taking by a certain group of investors may have caused the BTC price to fall. CryptoQuant’s analyst Yonsei suggested through the analysis of on-chain data that when BTC’s price surpassed the $40,000 resistance, short-term holders and the 6-18 month investor group showed a movement towards taking profits. 
The steps taken to realize profits were clearly seen in the Coin Days Destroyed (CDD), a measure that calculates the total value between the days BTC decreased by weighing the amount of long-standing unspent tokens. 
An increase in the binary CDD indicates that a large amount of BTC or long-stored ones have been spent. Yonsei claimed that the binary CDD was also active during BTC’s rally at the beginning of December, pointing to the recent activities of short-term investors. The move towards profit-taking is confirmed by the majority of BTC holders being in profit. Bitcoin’s spent output profit ratio has remained above one for a long time, indicating that about 90% of holders are in profit. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-290997 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/btc-5.jpg" alt="" width="1090" height="526"> 
<h2 id="current-situation-of-btc-holders">Current Situation of BTC Holders</h2> 
While short-term holders are selling their BTC at high profit margins, a group of long-term holders with six-month-old Bitcoins sold their BTC just before the price fell from $44,000. On the other hand, long-term investors are standing firm in their positions, refusing to sell their tokens and waiting for higher price levels. 
CryptoQuant reported in its recent weekly report that the crypto markets have witnessed selling pressure from Bitcoin miners and whales. The high miner outflow levels of the past week showed that miners sold more tokens when BTC rose to $44,000 with an average profit margin of 40%. Although the bear market may be a thing of the past and the liquidity conditions of the crypto market have improved, Bitcoin is still trading around $41,000, which is about a 6% decrease from its recent highest level of $44,180. Continue Reading: <a href="https://en.coin-turk.com/bitcoins-recent-market-movements-and-expert-analysis/" data-wpel-link="internal">https://en.coin-turk.com/bitcoins-recent-market-movements-and-expert-analysis/</a>

Bitcoin’s Recent Market Movements and Expert Analysis

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