Thursday, September 23

When Will Bitcoin (BTC) Sales End? On Chain Analyst Explains

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Popular on-chain analyst William Clemente explains what he sees behind the scenes of Bitcoin and the cryptocurrency market in general.

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Over the past 24 hours, Bitcoin continued to show signs of weakness as it traded at $32,793, down nearly 10%. Leading smart contract platform Ethereum similarly followed Bitcoin, losing 10.64% of its value.

As the cryptocurrency market struggles to maintain its bullish momentum, Clemente tells his 99,700 Twitter followers that sellers in the BTC market are starting to show signs of exhaustion.

“The market has been selling at a loss for over two weeks. But that process seems almost complete.”

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Kaynak: Glassnode

The analyst states that Bitcoin has withdrawn from exchanges at the highest rate since November, and the sales made by short-term BTC holders are now dampened by long-term holders:

“Short-term holders sell (STH) while long-term holders (LTH) accumulate. But here’s where it gets interesting: STH sales last month offset LTH purchases. However, LTH purchases within seven days now offset STH sales.”

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Kaynak: Glassnode

Clemente added that while new entrants to the market experience capitulation, he expects Bitcoin to continue to consolidate:

“New market participants still sell BTC at a loss, but these short-term holders no longer exceed the rate long-term holders buy. This process will take some time to complete. Patience for now.”



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