CandleFocus Analyst Says “Short-Term Sellers Exhausted in Bitcoin”, Shares What to Expect Next
2024-10-04
Author: Content Editor
The Head of European Research at Bitwise, André Dragosch, has observed a negative trend in net buying volumes on Bitcoin spot exchanges over the past three days. However, he also noted a significant increase in long-term Bitcoin liquidations, suggesting that short-term sellers may be exhausted. Market sentiment has shifted from bullish to neutral, as indicated by the Bitwise Cryptoasset Sentiment Index. Additionally, analysis using Glassnode data suggests a change in Bitcoin's supply dynamics, with more Bitcoin moving into long-term holding patterns. Despite recent price drops, the supply of Bitcoin held by long-term holders has increased since early October, indicating ongoing confidence in Bitcoin as a long-term investment.
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