The pace of Bitcoin's price action took a negative turn in the last 24 hours this if we take into account the pullback to $26,197 according to Coingecko data at the time of writing with a percentage incidence of -1.5% depreciation in the same time period.
For Rakesh Upadhyay of Cointelegraph "Bitcoin has been trading in a tight range for the past three days even as the S&P 500 fell over the past four days of the week. This is a positive sign, as it shows that cryptocurrency traders are not panicking and running for the nearest exit."
Continued Upadhyay stating that "The supply of bitcoin seems to be gradually shifting to stronger hands. Analyst CryptoCon said citing data from Glassnode that bitcoin short-term holders (STH), investors who have held their coins for 155 days or less, have the smallest amount of bitcoin supply in more than a decade"
In the same vein, "uncertainty about bitcoin's next directional move may have kept traders at bay. That could be one of the reasons for the subdued price action in several large altcoins. But it's not all negative. Several altcoins are showing signs of near-term recovery."
One of the most confidence-building data points is that "Bulls have managed to keep the price above the 20-day exponential moving average (USD 26,523), but have failed to initiate a major rebound. This indicates a lack of demand at higher levels."
I would like to know your appreciation on what was discussed here.
SOURCES CONSULTED
Cointelegraph. Crypto traders shift focus to these 4 altcoins as Bitcoin price flatlines. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
