Bitcoin Is at a Decision Point: On-chain Analytics

On-chain analytics reveal that Bitcoin is at a decision point.
Bitcoin supply in profit and Bitcoin (SOPR) has grown a lot.
Bitcoin’s price today is $22,737.28 with a 24-hour trading volume of $23 billion.

The On-chain and technical data suggest that Bitcoin is now at a crossroads where important decisions need to be made. Bitcoin is now trading below a long-term negative resistance level, and the level is currently being retested.

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If Bitcoin manages to push through this resistance, it will be the beginning of the end of the current downward trend. In such a case, the price will see another drop in the market.

Even so, there is still a question about what is going on in terms of Onchain. Miners and short-term investors, for example, have sold more:

Looking at the MPI and Bitcoin Miners Outflow charts, it is clear that more Bitcoin is leaving the wallets of miners, which means that they are selling more.

On the other hand, both Bitcoin supply in profit and Bitcoin: Short-Term Holder SOPR (SMA 7) has grown a lot. This means that short-term investors will make more money and may be able to sell more shares.

Crypto experts do not see the reserves of big hands growing. The Bitcoin reserves of exchanges have gone down, while the reserves of banks haven’t changed much. Miners’ reserves are hence going down, which means they haven’t decided for sure that the long-term trend has changed yet.

Short-term investors and miners will sell at this point to stop the price increase. Therefore, investors have to wait and see if the bulls or the bears will win this fight.

In the same vein, Bitcoin’s price today is $22,737.28 with a 24-hour trading volume of $23 billion. Bitcoin is down 0.61% in the last 24 hours with a live market cap of $438,145,361,979 according to data from Coinmarketcap.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.