Categories: Bitcoin

The optimistic sentiment peaks of Bitcoin investors – will the BTC price rise soon?

The past few days have not been a good time for Bitcoin as the price has dropped almost 15%. Yesterday, BTC closed below $ 45,000 for the first time in 22 days. Usually this creates a bearish mood.

However, this is not currently the case with Bitcoin. Although prices continued to fall, investors remained optimistic. At the time of writing, the market has made record performances in many ways.

The optimistic peaks in sentiment among Bitcoin investors

Given the poor performance this week, many think sell orders will dominate the market. However, more bitcoins are being bought than at the time of consolidation in August and last week.

At the time of going to press, the number of addresses with at least 10 Bitcoins had reached a monthly low.

Number of Bitcoin addresses with at least 10 BTC | The source: Glass knot

Usually this can be a sign that investors are pulling out of the market and selling their holdings. This month looks different, however, as the number of daily active addresses has increased by 400,000 and new addresses increased by 200,000.

Number of active addresses (green) and number of new addresses (blue) | Source: Intotheblock

This means that more bitcoins are currently being bought while the address balance is growing above 10 BTC. This is also reflected in positions on the exchange showing that around 70,000 BTC, valued at more than $ 3.1 billion, have been purchased in the past 10 days.

Bitcoin exchanges show that buying dominates | Source: Glassnode

In fact, that story hasn’t changed. At the time of writing, buy orders dominate the market with at least 4.2k BTC ($ 190 million).

Bitcoin buy and sell orders | Source: Intotheblock

Nobody sells?

No, it is still selling BTC, but it is almost negligible. Long-term owners didn’t sell as the 10-year-old offering just hit an ATH of 2.4 million BTC. Medium-term owners are also “immovable”.

They were determined to get back to HODL as the offer made over the past 3-12 months hit a 2-month low.

Bitcoin spending significantly reduced from 3-12 months | Source: Glassnode

In fact, the buying trend is so strong that the number of addresses with credit hit a 4-month high, in line with the May ATH. So it is advisable to buy Bitcoin as soon as possible.

The Relative Strength Index (RSI) is currently in bearish-neutral territory. This suggests that the price may reverse and buy now will generate high returns later.

Bitcoin Price Chart and RSI | Source: TradingView

We invite you to join our Telegram for faster news: https://t.me/coincunews

Minh Anh

According to AMBCrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

22 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

4 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

5 hours ago

This website uses cookies.