Bitcoin is seemingly entering a bear market as good news from the Bitcoin Miami Conference and El Salvador failed to help Bitcoin bounce back from 37,000 USD. Over the past week, selling pressure remained strong and Bitcoin once fell below 35,000 USD. Many investors are worried that if Bitcoin fails to reclaim 40,000 USD in the coming weeks, the market could truly turn into a bear one.
Not all hope is lost. Analyst William Clemente opined, œSOPR, which is a ratio of profit-taking in the coins trading on any given day, seems to have found a local bottom on a weekly moving average.
The analyst also pointed out that selling pressure from short-term holders outweighed the buying pressure from long-term holders. But in the past 7 days, the situation has changed. With short-term investors selling their bitcoin for a loss gradually slowing down, long-term holders could pump the market and send BTC up again. The analyst offers other data suggesting investors are accumulating more Bitcoin and investors should wait patiently for a breakout.
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Source:-https://cryptonews.com/news/be-patient-this-key-indicator-shows-bitcoin-ready-for-a-brea-10595.htm
