Greed

Flow

Bitcoin

Read

MN Coin

<ul>
 <li style="font-weight: 400;">Bitcoin sell and buy pressure remained relatively low at press time.&nbsp;</li>
 <li style="font-weight: 400;">BTC’s price dropped by 4% in the last seven days, and indicators looked bearish.</li>
</ul>
<a href="https://ambcrypto.com/search/bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a> has not displayed a remarkable performance over the last week, as its weekly chart was in the red. According to <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, BTC was down by nearly 4% in the last seven days.
At the time of writing, BTC was trading at $41,909.77 with a market capitalization of over $820 billion.
<h4>Investors are not selling Bitcoin</h4>
However, despite the bearish price action, investors at large seemed confident in the coin, as shown in their reluctance to sell. Likewise, Willy Woo, a popular crypto analyst, recently posted a tweet highlighting an important metric.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> investors are waiting for higher prices, presently unwilling to sell.
 SOPR tracks the profit of coins when they sell to new investors. It climbed while price dropped, for this to happen only investors at signficant profit are selling, more recent investors are waiting. <a href="https://t.co/Z18W3V36sV" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Z18W3V36sV</a>
 — Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1736019569029112316?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 16, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
He used BTC’s SORP, which tracks the profit of coins when they are sold to new investors. As per his analysis, <a href="https://ambcrypto.com/bitcoin-whales-continue-to-accumulate-despite-price-declines-why/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">BTC’s</a> investors seemed to be waiting for higher prices, as shown by their unwillingness to sell. 
To double-check whether investors are holding, AMBCrypto examined other metrics. 
As per our analysis, Bitcoin’s Supply on Exchanges and Supply outside of Exchanges were closely knit, meaning that there was neither much selling pressure nor buying pressure at the time of the report. 
Bitcoin’s velocity also witnessed a drop, meaning that fewer coins had been transferred in a fixed time frame.
<div id="attachment_359215" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-13.07.34-17-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359215" decoding="async" class="wp-image-359215 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-13.07.34-17-Dec-2023.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-13.07.34-17-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-13.07.34-17-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-13.07.34-17-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-13.07.34-17-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-13.07.34-17-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-13.07.34-17-Dec-2023-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div>
Our check on CryptoQuant’s <a href="https://cryptoquant.com/asset/btc/summary" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a> also revealed that BTC’s Binary CDD was green, which meant that the long-term holders’ movement in the last seven days was lower than average, showing their willingness to hold. 
BTC’s daily transactions were also low in the last 24 hours.
<div id="attachment_359216" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-1.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359216" decoding="async" class="wp-image-359216 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-1.png" alt="" width="692" height="387" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-1.png 692w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-1-300x168.png 300w" sizes="(max-width: 692px) 100vw, 692px"></a>
 Source: CryptoQuant
</div>
<h4>Will investors’ confidence reflect on BTC’s chart soon?</h4>
AMBCrypto’s look at BTC’s liquidation levels revealed that the coin has not witnessed massive sell-offs beneath its current value in the recent past. Therefore, the possibility of a trend reversal cannot be ruled out yet. 
If it manages to gain bullish momentum, <a href="https://ambcrypto.com/bitcoin-can-rising-sell-pressure-thwart-btc-price-predictions/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin</a>&nbsp;will face a strong resistance near $43,600.
<div id="attachment_359218" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-3.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359218" decoding="async" class="wp-image-359218 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-3.png" alt="" width="1482" height="736" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-3.png 1482w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-3-300x149.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-3-1024x509.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-3-768x381.png 768w" sizes="(max-width: 1482px) 100vw, 1482px"></a>
 Source: Hyblock Capital
</div>
Another positive metric was Bitcoin’s Fear and Greed Index. As per Glassnode’s chart, <a href="https://ambcrypto.com/is-another-bitcoin-bull-run-underway-this-analyst-thinks-so/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">BTC</a>’s fear and green index were declining and, at press time, had a value of 67.
Read <a href="https://ambcrypto.com/predictions/bitcoin-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC] Price Prediction</a> 2023-24
 When the metric drops, it suggests that it is entering a “fear” phase, which generally hints at a trend reversal.&nbsp;
<div id="attachment_359219" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-fear-greed-index-alternative-me.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359219" decoding="async" class="wp-image-359219 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-fear-greed-index-alternative-me.png" alt="" width="1800" height="1013" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-fear-greed-index-alternative-me.png 1800w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-fear-greed-index-alternative-me-300x169.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-fear-greed-index-alternative-me-1024x576.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-fear-greed-index-alternative-me-768x432.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-fear-greed-index-alternative-me-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px"></a>
 Source: Glassnode
</div>
However, the MACD displayed a clear bearish crossover on Bitcoin’s daily chart. Its Money Flow Index (MFI) also registered a downtick, which could result in a further drop in the king of cryptos’ price.
<div id="attachment_359220" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-17_13-16-59.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359220" decoding="async" class="wp-image-359220 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-17_13-16-59.png" alt="" width="1814" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-17_13-16-59.png 1814w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-17_13-16-59-300x131.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-17_13-16-59-1024x447.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-17_13-16-59-768x335.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-17_13-16-59-1536x671.png 1536w" sizes="(max-width: 1814px) 100vw, 1814px"></a>
 Source: TradingView
</div>

As Bitcoin price stagnates, what’s next for its prediction?

AMBCrypto

2023년 12월 18일에 게재된 다른 기사

NFT sales decline, Solana surpasses Ethereum’s volume

Solana Falls Below $70 Level Amidst Severe Selling Pressure

Crypto Market Sees Mixed Capital Flows; Bitcoin Loses $33M in Outflows

Advanced Computational Tool “LoGoFunc” Offers Breakthrough in Predicting Genetic Variations

FTX Bankruptcy Blueprint Sets Stage for Creditor Repayment Phase

Balanced Now Available to Archway Users

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!