Bitcoin has been pressing higher despite weakness in the altcoin market. Seemingly rallying off strength in legacy markets, the leading cryptocurrency on Wednesday morning shot to a price just shy of $11,000.<\/p>\n
As of this article’s writing, BTC trades for $10,970, far above the price points it was trading at just days ago.<\/p>\n
While this price action is undoubtedly positive, there are some technical and on-chain signals suggesting a bearish reversal is nigh.<\/p>\n
Blockchain analytics firm Santiment posted<\/a> the tweet seen below on September 16th. It shows that according to its data, there has been a “significant spike in idle BTC” changing hands, suggesting a long-term holder or “whale” is looking to use his coins.<\/p>\n While it is unclear what the user(s) plan to do with their coins, such on-chain shifts purportedly signal trend changes:<\/p>\n “With this latest $BTC token age consumed spike, the largest in nearly 5 months (since Apr 29th), we are at a very important moment with #Bitcoin on the cusp of breaking $11k again. This metric typically indicates an imminent price direction shift.”<\/p><\/blockquote>\n With this latest $BTC<\/a> token age consumed spike, the largest in nearly 5 months (since Apr 29th), we are at a very important moment with #Bitcoin<\/a> on the cusp of breaking $11k again. This metric typically indicates an imminent price direction shift. https:\/\/t.co\/lM9mVfRRrY<\/a> https:\/\/t.co\/burSeSLObF<\/a><\/p>\n — Santiment (@santimentfeed) September 16, 2020<\/a><\/p><\/blockquote>\n\n