CandleFocus Bitcoin (BTC) Price May Slip Below $60,000 as Old Coins Re-enter Market
2024-10-09
Author: Content Editor
The Bitcoin market is facing uncertainty as dormant coins re-enter circulation coinciding with low demand for the cryptocurrency. On-chain data shows that long-held BTC has been moved, which typically signals a shift in market trends and is seen as a positive indicator for future price movements. However, if these dormant coins enter circulation during a period of weak demand, it can increase selling pressure and drive down Bitcoin's price. Bitcoin's declining Chaikin Money Flow suggests weak demand and more traders selling off their holdings. If selling pressure gains momentum, the price could fall below $60,000. On the other hand, if new demand surges, the re-entered coins could be absorbed by buyers, potentially driving the price higher to $68,474.
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