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Bitcoin is currently developing in uncertain areas capable of switching in one or the other. A few weeks ago he reached an unprecedented summit to $ 123,000 before falling to $ 113,000, erased his recent profits and issued many pressure investors. According to Glassnode data, the cryptometer has undergone below key support and is now in a risk area, between $ 110,000 and $ 116,000.
In short
- Bitcoins buyers entered 120 k BTC after falling to $ 112,000, but prices still face a high resistance around $ 116,900.
- Short -term holders dropped to 70 % and only 45 % of parts are sold with profit, showing increasing caution and reduced confidence.
- The outputs of ETF and the rates of financing contracts with a lower term show the cooling of traders and reduced appetite for a high risk lever effect.
Opportunistic buyers hit
Glassnod data shows that some investors, according to a decline report, benefited rapidly. Approximately 120,000 BTCs were obtained between July 31 and August 4. Prices were reflected from $ 112,000 to more than $ 114,000, which is a sign of buying down. However, the offer remains limited in this area.
As a result, Bitcoin must strengthen its support in this area from $ 110,000 to $ 116,000 before any significant rally. The market remains hesitation and prices have not yet exceeded $ 116,900.
This resistance now corresponds to the average cost of short -term holders who have bought in the last month. Excluding this threshold would translate stronger demand and indicate recovery. Until then, the risk of decline remains.
Short pressure holders
Short -term holders (sth) feel pressure: their share of profits has increased from 100 % to 70 %. If the situation is not yet alarming, new losses could undermine the trust of investors.
In addition, less BTC holds STH with profit. This share fell to 45 %, below 50 %neutral threshold, reflecting the attitude of waiting -a -see attitude. At present, neither panic nor impulsive purchase is dominated.
The price of bitcoins remains above the basic cost of sth, estimated at $ 106,000. Historically, this level defines bull and short -term hobbies. Maintenance above indicates that the market is going through a healthy correction rather than a break.
ETF and future markets reflect a change in feeling
Traditional investment products also show signs of caution. August 5 Bitcoin ETF has seen a large east of 1,500 BTC, the strongest since April, perhaps associated with institutional gains. So far, however, these trips deserve careful monitoring in the event of permanent development of feeling.
At the time of the market, the atmosphere also cooled. The level of financing the main eternal swaps has passed below 0.1 %, which is a sign that traders are no longer ready to pay a supplement to maintain long positions with lever effect. This decline means passing from euphoria to caution.
Bitcoin therefore develops in a delicate phase: buyers are manifested, but resistance remains solid. If the price is maintained above $ 110,000, the risk of deep correction remains limited. Crossing over $ 116,900 could, on the other hand, revive the bull’s feeling.
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Peter is a qualified financial and crypto journalist who simplifies complex topics through clear writing, thorough research and sharp industry and provides the reader’s content for today’s rapidly developing digital world.
Renunciation
The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.