bullish

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-holders-reap-profits" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Holders Reap Profits</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-shows-early-bull-market-indicators-according-to-analytics-experts" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price has experienced a significant rebound of approximately 18.50% after plummeting to a six-month low of $49,755. However, a combination of technical and on-chain indicators suggests that the cryptocurrency might face further corrections in the coming weeks. Bitcoin’s current correction cycle is also marked by a decrease in the percentage of profits held by long-term investors, calculated on a 30-day moving average.</p>
<h2 id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2>
<p style="text-align: justify">As of August 16, around 83% of Bitcoin holders were in a profitable position, a drop from 96% in March. A high percentage of profitable Bitcoin holdings often signals FOMO, which typically precedes or coincides with price corrections. If long-term holders decide to take profits based on this on-chain signal, Bitcoin’s price may experience pullbacks <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">in the near future</a>.</p>
<p style="text-align: justify">Bitcoin’s ongoing consolidation is forming a rising triangle pattern. This technical setup, emerging after a strong downtrend, may indicate a reversal or a weakening of downward momentum. However, if the price breaks below the rising trendline instead of above the resistance, the downtrend might continue, signaling that sellers have regained control.</p>
<h2 id="details-on-the-subject">Details on the Subject</h2>
<p style="text-align: justify">Rising triangles are typically viewed as bullish reversal patterns during a downtrend. Therefore, a decisive close above Bitcoin’s 50-4H EMA could lead to a move toward the upper trendline of the triangle, at around $59,240. A successful close above this upper trendline would confirm a breakout scenario, potentially driving the price toward an upward target of approximately $70,000.</p>
<p style="text-align: justify">The bullish outlook is consistent with the analysis of Charles Edwards, founder of Capriole Investments. Edwards suggests that Bitcoin’s price is lagging behind gold, which has already broken out from a similar consolidation trend. He predicts that Bitcoin might follow gold’s upward movement.</p>
<h2 id="key-inferences-for-investors">Key Inferences for Investors</h2>
<p style="text-align: justify">Investors can derive valuable insights from the current Bitcoin <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a>:</p>
<ul>
 <li>Monitor on-chain signals for potential profit-taking by long-term holders.</li>
 <li>Watch for a decisive close above the 50-4H EMA to anticipate bullish trends.</li>
 <li>Observe the rising triangle pattern to gauge potential reversal or continuation.</li>
 <li>Compare Bitcoin’s price movements with gold for predictive insights.</li>
</ul>
<p style="text-align: justify">In conclusion, while Bitcoin has shown signs of recovery, various technical and on-chain indicators suggest potential volatility ahead. Investors should remain vigilant and informed to navigate the market effectively.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-holders-reap-profits" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Holders Reap Profits</a></h5>

Bitcoin Holders Reap Profits

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