Long

Bitcoin

when

Time

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s long/short ratio has declined sharply, indicating a bearish market sentiment.</li>
 <li>Despite this, several metrics suggest that investors should still consider purchasing Bitcoin.</li>
</ul>
<p>Bitcoin’s [BTC] trading price has consistently remained below the $70,000 mark in recent days. This has led to a bearish sentiment in the market and some major players in the cryptocurrency space deciding to exit.</p>
<h2 id="bitcoin-whales-reduce-long-positions">Bitcoin Whales Reduce Long Positions</h2>
<p>According to data from CoinMarketCap, Bitcoin has failed to rise above $70,000 since June 10. The cryptocurrency experienced a significant price correction, falling below $67,000. At the time of writing, Bitcoin was trading at $66,196.58 with a market capitalization exceeding $1.3 billion.</p>
<p>Meanwhile, Bitcoin whales, or large-scale Bitcoin holders, have begun reducing their long positions. Analysis of Coinglass data reveals a sharp decline in Bitcoin’s long/short ratio, indicating a greater emphasis on selling or shorting assets.</p>
<h2 id="should-investors-still-buy-bitcoin">Should Investors Still Buy Bitcoin?</h2>
<p>Lookonchain recently shared several key metrics that provide insight into whether investors should continue buying Bitcoin. The Bitcoin Rainbow Chart, for instance, suggests that it is still a good time to buy Bitcoin. This chart plots Bitcoin’s long-term price movement on a logarithmic scale.</p>
<p>The Relative Strength Index (RSI), another critical indicator, shows Bitcoin’s RSI at 69.93. This value, when compared to historical data, suggests that Bitcoin has not yet reached a market top. The 200-week moving average heat map also indicates that the price top has not been reached, suggesting that it is a good time to hold and buy.</p>
<h2 id="potential-for-short-term-bullishness">Potential for Short-Term Bullishness?</h2>
<p>Despite the bearish sentiment, some data suggests potential for short-term bullishness. Analysis of Santiment’s data reveals that buying pressure on Bitcoin remains high, which could be seen as a bullish signal. This is evidenced by a decrease in Bitcoin’s supply on exchanges and an increase in its supply outside of exchanges.</p>
<p>Additionally, Glassnode’s data shows a decline in Bitcoin’s NVT ratio. A decrease in this metric typically indicates a future price increase. Analysis of Bitcoin’s daily chart reveals that Bitcoin’s price has reached the lower limit of the Bollinger Bands, suggesting a potential price rebound.</p>
<p>However, the MACD indicates a bearish advantage, suggesting a potential further price decline. Therefore, traders looking to capitalize on Bitcoin’s current market trend should exercise caution.</p>

Time to Invest in Bitcoin as Whales Unload their stakes?

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CoinEagle.com

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