{"id":472054,"date":"2021-09-20T19:42:15","date_gmt":"2021-09-20T19:42:15","guid":{"rendered":"https:\/\/wncen.com\/?p=472054"},"modified":"2024-06-11T13:58:47","modified_gmt":"2024-06-11T13:58:47","slug":"bitcoin-holder-take-profit-price-fall","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-holder-take-profit-price-fall\/","title":{"rendered":"Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?"},"content":{"rendered":"<p>Without consensus on its implications, the Evergrande potential default has impacted the traditional market, and Bitcoin. The first cryptocurrency by market cap started the week with a correction with risk to trend further down.<\/p>\n<p>At the time of writing, Bitcoin trades at $43,462 with a 9.1% and 6% loss in the daily and weekly chart, respectively.<\/p>\n<figure id=\"attachment_472086\" aria-describedby=\"caption-attachment-472086\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-472086 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/Bitcoin-BTC-BTCUSD-14.png?resize=860%2C495\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"495\"><figcaption id=\"caption-attachment-472086\" class=\"wp-caption-text\">BTC on a downside trend in the daily chart. Source: BTCUSD Tradingview<\/figcaption><\/figure>\n<h2>Bitcoin Holds On To Critical Support<\/h2>\n<p>Pseudonym analyst IncomeSharks claimed that Bitcoin could be at the beginning of a correction. The analyst looked at BTC\u2019s On Balance Volume (OBV), a metric used to measure momentum.<\/p>\n<p style=\"text-align: center\"><strong><i>Related Reading | <\/i><a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-stock-market-macro\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Sinks 10% As Market Braces For Macro Storm Ahead<\/a><\/strong><\/p>\n<p>As seen below, Bitcoin has been moving sideways on its OBV since it <a href=\"https:\/\/twitter.com\/IncomeSharks\/status\/75222016\/photo\/1\" target=\"_blank\" rel=\"noopener nofollow\">moved<\/a> to the upside at the end of July. This coincides with BTC breaking out from its former range, and its current price action.<\/p>\n<figure id=\"attachment_472083\" aria-describedby=\"caption-attachment-472083\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-472083 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/Bitcoin-BTC-BTCUSD-8.jpg?resize=860%2C463\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"463\"><figcaption id=\"caption-attachment-472083\" class=\"wp-caption-text\">Source: IncomeSharks via Twitter<\/figcaption><\/figure>\n<p>If Bitcoin break to the downside on its OBV, bulls could face hurdles on their attempts to reclaim previous highs.<\/p>\n<p>In the meantime, the $40,500 to $43,000 will operate as critical support, according to analyst Daan Crypto Trades with $50,000 still operating as major resistance. This analyst said:<\/p>\n<blockquote><p>BTC I&#8217;m seeing $40.5-50K approximately as a big range we&#8217;re in. We initially got rejected by the upper resistance area and now came back down. The entire 40.5-43.5K area should offer good support and I doubt we&#8217;d fall below that without much of a fight.<\/p><\/blockquote>\n<h2>Bitcoin Indicators Favor The Bulls<\/h2>\n<p>Despite the current price action and the macro-economic elements that suggest more downside, Bitcoin seem to show strength on some of its fundamentals. Part of the reason for the crash, according to a Glassnode report, is some BTC holders taking profit on upper levels.<\/p>\n<blockquote><p>Since late July, the market has consistently realised net profits on the order of around $1B per day as prices rallied from $31k to over $52k. This suggests a relatively meaningful bid has supported the market on the way up.<\/p><\/blockquote>\n<p>An important metric that has favored the bulls is the amount of Bitcoin sitting on exchange platforms. Standing at a 13% of BTC total supply, a new multi-year low according to Glassnode, the metric has continued to trend downwards.<\/p>\n<p style=\"text-align: center\"><b><i>Related Reading | <a class=\"row-title\" href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-learn-to-trade-crypto-trading\/\">New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course<\/a><\/i><\/b><\/p>\n<p>As seen below, the amount of BTC on exchanges returned to levels last seen in February 2018. This was followed by a period of consolidation before Bitcoin gather enough strength to score a fresh all-time high.<\/p>\n<figure id=\"attachment_472084\" aria-describedby=\"caption-attachment-472084\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-472084 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/Bitcoin-BTC-BTCUSD-12.png?resize=860%2C501\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"501\"><figcaption id=\"caption-attachment-472084\" class=\"wp-caption-text\">Source: Glassnode Insights<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Without consensus on its implications, the Evergrande potential default has impacted the traditional market, and Bitcoin. The first cryptocurrency by market cap started the week with a correction with risk to trend further down. At the time of writing, Bitcoin trades at $43,462 with a 9.1% and 6% loss in the daily and weekly chart, respectively. Bitcoin Holds On To Critical Support Pseudonym analyst IncomeSharks claimed that Bitcoin could be at the beginning of a correction. The analyst looked at BTC\u2019s On Balance Volume (OBV), a metric used to measure momentum. Related Reading | Bitcoin Price Sinks 10% As Market Braces For Macro Storm Ahead As seen below, Bitcoin has been moving sideways on its OBV since it moved to the upside at the end of July. This coincides with BTC breaking out from its former range, and its current price action. If Bitcoin break to the downside on its OBV, bulls could face hurdles on their attempts to reclaim previous highs. In the meantime, the $40,500 to $43,000 will operate as critical support, according to analyst Daan Crypto Trades with $50,000 still operating as major resistance. This analyst said: BTC I&#8217;m seeing $40.5-50K approximately as a big range we&#8217;re in. We initially got rejected by the upper resistance area and now came back down. The entire 40.5-43.5K area should offer good support and I doubt we&#8217;d fall below that without much of a fight. Bitcoin Indicators Favor The Bulls Despite the current price action and the macro-economic elements that suggest more downside, Bitcoin seem to show strength on some of its fundamentals. Part of the reason for the crash, according to a Glassnode report, is some BTC holders taking profit on upper levels. Since late July, the market has consistently realised net profits on the order of around $1B per day as prices rallied from $31k to over $52k. This suggests a relatively meaningful bid has supported the market on the way up. An important metric that has favored the bulls is the amount of Bitcoin sitting on exchange platforms. Standing at a 13% of BTC total supply, a new multi-year low according to Glassnode, the metric has continued to trend downwards. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course As seen below, the amount of BTC on exchanges returned to levels last seen in February 2018. This was followed by a period of consolidation before Bitcoin gather enough strength to score a fresh all-time high.<\/p>\n","protected":false},"author":535,"featured_media":470033,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-472054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?<\/title>\n<meta name=\"description\" content=\"Without consensus on its implications, the Evergrande potential default has impacted the traditional market, and Bitcoin. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?","url":"http:\/\/wncen.com\/news\/bitcoin-holder-take-profit-price-fall\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-holder-take-profit-price-fall\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-4728496_1920.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-4728496_1920.jpg?fit=1920%2C965"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-09-20T19:42:15Z","datePublished":"2021-09-20T19:42:15Z","dateModified":"2024-06-11T13:58:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-holder-take-profit-price-fall\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-holder-take-profit-price-fall\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/bitcoin-4728496_1920.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/bitcoin-4728496_1920.jpg?fit=1920%2C965\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-09-20T19:42:15Z\",\"datePublished\":\"2021-09-20T19:42:15Z\",\"dateModified\":\"2024-06-11T13:58:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-4728496_1920.jpg?fit=1920%2C965","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/472054"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=472054"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/472054\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/470033"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=472054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=472054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=472054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}