Home Cryptocurrency Bitcoin clings to $36K as data suggests BTC price sell-off came from short-term holders

Bitcoin clings to $36K as data suggests BTC price sell-off came from short-term holders

by Gordon James

Bitcoin bears, the last hope for a bearish trend in crypto markets that was left hanging by Bitcoin’s bullish run on Monday and Tuesday, have finally given up. This week is expected to be positive as BTC/USD continues its march towards $10K.

The “bitcoin price prediction” is a data point that suggests the sell-off of bitcoin came from short-term holders. The price has been stuck around $36K for a while, but it seems like this will be the last time we see these levels.

As volatility subsided throughout the weekend, Bitcoin (BTC) found a new home at $36,000 on May 7. 

Bitcoin clings to $36K as data suggests BTC price sell-off came from short-term holders1 hour candle chart of BTC/USD (Bitstamp). TradingView (source)

Crunch has cost Terra at least $250 million.

BTC/USD hovered at $36,000 overnight, according to data from Cointelegraph Markets Pro and TradingView, after dropping 12% in only 72 hours.

Despite low-volume weekend trading circumstances, the pair was still at its lowest levels since late February and had avoided a revisit of 2022 lows at the time of writing.

Popular trader Anbessa highlighted the anticipated support level to purchase Bitcoin in what he termed as a “fakeout” in his last Twitter post on May 6 – a zone commencing at little under $33,000.

#Bitcoin News

Easy phrases that are Twitter friendly

We wish to purchase BTC fakeout and BTC support. It was a really lucrative chop. We’re now waiting for the final HTF entry.

We are superior. pic.twitter.com/Lt5XT5rRKw

May 6, 2022 — ANESSA (@Anbessa100)

While some saw profit possibilities, others suffered losses, like the Luna Foundation Guard (LFG), a charity organization affiliated with Blockchain protocol Terra that acquired $1.5 billion in BTC in over-the-counter dealings this week.

LFG was down almost $240 million on their BTC hoard at the time of writing, according to statistics from on-chain tracking portal BitInfoCharts, not adding the week’s newest acquisition.

Terra and its co-founder Do Kwon have said that they would continue to acquire an infinite quantity of Bitcoin to underpin its US dollar stablecoin, TerraUSD (UST).

Bitcoin clings to $36K as data suggests BTC price sell-off came from short-term holdersData from the LFG wallet (screenshot). BitInfoCharts (source)

Gold bug for bitcoin skeptics Meanwhile, Peter Schiff said that whales were to blame for holding BTC/USD at $36,000.

BTC holdings may have been liquidated by February purchasers.

On-chain analytics tool CryptoQuant stated that speculators may have had an overpowering impact on the week’s events when analyzing plausible factors for Bitcoin’s losses outside stock markets.

‘Someone is blowing up,’ says Bitcoin, which sets a new volume record in 2022 amid expectations that capitulation is over.

It was reported on the day that exchange inflows had included coins that had been inactive for little more than three months, and hence were more likely to be held by speculative speculators.

BTC/USD began swiftly increasing three months ago, towards the beginning of February, after hitting $32,000 lows. As a result, those investors would have made a profit this week.

Bitcoin clings to $36K as data suggests BTC price sell-off came from short-term holdersPotential buy and sell areas are indicated in the BTC/USD 1-day candle chart (Bitstamp). TradingView (source)

“Short-term holders may have led the recent fall, according to CryptoQuant statistics. On the 5th and 6th, the exchange received a total of 11.76k “young” BTC that had been kept for less than 3 months “The statistics were discussed by journalist Colin Wu.

Bitcoin clings to $36K as data suggests BTC price sell-off came from short-term holdersCoin age chart for exchange inflow. CryptoQuant (source)

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.

The “bitcoin price live” is a website that tracks the current bitcoin price. It also provides information about bitcoin trading volume and market capitalization. The site was created by Coinbase.

Related Tags

  • ethereum price
  • bitcoin price usd
  • bitcoin news
  • ethereum price usd
  • coinbase

related posts