• Latest
  • Trending
  • All
Bitcoin [BTC] bears gain edge against the bulls- Is it right time to short

Bitcoin [BTC] bears gain edge against the bulls- Is it right time to short

March 26, 2023
Bybit Secured License as Digital Asset Provider in Kazakhstan 

Bybit Secured License as Digital Asset Provider in Kazakhstan 

June 8, 2023
New breed of bitcoin NFTs sell for millions

10 Best New Meme Coins to Buy in 2023

June 8, 2023
Announcing the Client Incentive Program

Update on the partnership between EF and UNICEF

June 8, 2023
Why Litecoin might falter at this bearish zone

Why Litecoin might falter at this bearish zone

June 8, 2023
ZUM TOKEN (ZUM) has a Bearish Sentiment Score, is Falling, and Underperforming the Crypto Market Thursday: What’s Next?

ZUM TOKEN (ZUM) has a Bearish Sentiment Score, is Falling, and Underperforming the Crypto Market Thursday: What’s Next?

June 8, 2023
Ethereum Rival Takes Hit As Institutional Investors Sell-Off Crypto Holdings: CoinShares

Ethereum Rival Takes Hit As Institutional Investors Sell-Off Crypto Holdings: CoinShares

June 8, 2023
Bitcoin holds as market reacts to SEC drama

Bitcoin holds as market reacts to SEC drama

June 8, 2023
Binance Attorneys Say SEC Boss Offered to Be Advisor to Crypto Company in 2019

Binance Attorneys Say SEC Boss Offered to Be Advisor to Crypto Company in 2019

June 8, 2023
The Bitcoin Reward Will Be Cut In Half Soon, And Only The Best Miners Will Be Able To Keep Up

The Bitcoin Reward Will Be Cut In Half Soon, And Only The Best Miners Will Be Able To Keep Up

June 8, 2023
Best Altcoins to Buy in Meme Coin Season

Best Altcoins to Buy in Meme Coin Season

June 8, 2023
Ethereum likely to descend to this key level soon

Ethereum likely to descend to this key level soon

June 8, 2023
TMS Network Sees Continued Investment Interest, Litecoin (LTC) Surges & Cardano (ADA) Deploys New Smart Contract Toolset

TMS Network Sees Continued Investment Interest, Litecoin (LTC) Surges & Cardano (ADA) Deploys New Smart Contract Toolset

June 8, 2023
Thursday, June 8, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Bitcoin

Bitcoin [BTC] bears gain edge against the bulls- Is it right time to short

by Cuevas Antonio
March 26, 2023
in Bitcoin
0
Bitcoin [BTC] bears gain edge against the bulls- Is it right time to short
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


  • Bitcoin experienced a net outflow in the last three days; short positions may not be a good idea.
  • Bitcoin whales demonstrate mixed reactions that explain the current stalemate.

In the last few days, we have seen Bitcoin [BTC] struggle to sustain its upside. Now the market is showing some bullish weakness and the bears are trying to take advantage. The next few days might bring forth a significant pullback and here’s why.


 Is your portfolio green? Check out the Bitcoin Profit Calculator


Recent data suggests that Bitcoin’s failure to continue rallying past the $28,300 resistance level yielded a loss of confidence among investors. The situation was further exasperated by miner outflows which are currently at a monthly high according to the latest glassnode data.

📈 #Bitcoin $BTC Miners’ Outflow Volume (7d MA) just reached a 1-month high of $1,801,563.42

Previous 1-month high of $1,771,798.83 was observed on 23 March 2023

View metric:https://t.co/zngg8o32ix pic.twitter.com/zqdO6P7CSn

— glassnode alerts (@glassnodealerts) March 25, 2023

Bitcoin miner outflows are often considered a confidence indicator. This is because miners often hold on to their BTC when there are bullish expectations and sell when there are bearish expectations.

It is thus not surprising that they are offloading some BTC, right after Bitcoin struggled to push beyond its current resistance level.

Will Bitcoin outflows lend favor to the bears?

The Bitcoin miner observations also align with BTC’s -$119 million net flows in the last 24 hours according to glassnode alerts. This is slightly lower than the -$190.5 million net flow on 24 March and even lower than the -$342 million net flow on 23 March.

📊 Daily On-Chain Exchange Flow#Bitcoin $BTC
➡️ $729.1M in
⬅️ $848.4M out
📉 Net flow: -$119.2M#Ethereum $ETH
➡️ $576.6M in
⬅️ $701.4M out
📉 Net flow: -$124.8M#Tether (ERC20) $USDT
➡️ $1.1B in
⬅️ $1.4B out
📉 Net flow: -$332.9Mhttps://t.co/dk2HbGwPL4

— glassnode alerts (@glassnodealerts) March 25, 2023

It is important to note that the net flows confirm that sell pressure has also been slowing down. In other words, Bitcoin might not necessarily be in for a strong bearish pullback this week contrary to expectations. This will, however, depend on the possibility of market events that may swiftly change the outcome.


How many are 1,10,100 BTCs worth today?


The lower net flows may explain why short sellers may not necessarily be keen on executing leveraged positions. Bitcoin’s estimated leverage ratio is currently down to its lowest level since the start of 2023. Meanwhile, funding rates have leveled out for the most part.

Bitcoin estimated leverage ratio and funding rate

Source: CryptoQuant

The lack of confidence among short sellers and leverage traders reflects mixed observations with Bitcoin’s supply distribution. For example, addresses holding between 10,000 and 100,000 BTC have been buying in the last three days, hence providing a cushion for the price. The same whale category currently controls 12.13% of the circulating supply.

On the other hand, addresses holding between 1,000 and 10,000 BTC have been selling in the last three days. The same addresses currently control 23% of the total BTC supply, hence their impact is more pronounced.

Bitcoin supply distribution

Source: Santiment





Source link

Tags: bearsBitcoinBTCbullsEdgeGainshortTime
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
What is Cloud Mining and How Does it Work?

What is Cloud Mining and How Does it Work?

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
Bybit Secured License as Digital Asset Provider in Kazakhstan 

Bybit Secured License as Digital Asset Provider in Kazakhstan 

June 8, 2023
New breed of bitcoin NFTs sell for millions

10 Best New Meme Coins to Buy in 2023

June 8, 2023
Announcing the Client Incentive Program

Update on the partnership between EF and UNICEF

June 8, 2023

Recent News

Bybit Secured License as Digital Asset Provider in Kazakhstan 

Bybit Secured License as Digital Asset Provider in Kazakhstan 

June 8, 2023
New breed of bitcoin NFTs sell for millions

10 Best New Meme Coins to Buy in 2023

June 8, 2023
Announcing the Client Incentive Program

Update on the partnership between EF and UNICEF

June 8, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Crypto Mining
  • Cryptocurrencies
  • Culture
  • Dogecoin
  • Economy
  • Education
  • Ethereum
  • Featured
  • Governance
  • Litecoin
  • Market
  • News
  • Uncategorized

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved