Bitcoin's sluggish journey and bearish trend might give way to a bullish surge, depending on the actions of key holders and critical metrics, says a CryptoQuant report.
suggested that the current Bitcoin trend could potentially transition into a bullish phase, contingent upon the upturn of two key metrics.
Historically, BTC prices have surged when large investors, often called whales, have accumulated substantial amounts of BTC. Since April 2021, there has been a decline in BTC holdings among US institutions. Interestingly, this decrease persists despite the 100% rise in BTC prices this year, implying a lack of capital inflow from US institutions.Examining the daily timeframe chart of Bitcoin indicated that the press time downtrend would continue. As of this writing, Bitcoin was trading at approximately $25,600, experiencing a marginal loss of less than 1%.
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