{"id":637906,"date":"2024-08-27T07:00:41","date_gmt":"2024-08-27T07:00:41","guid":{"rendered":"https:\/\/www.wncen.com\/?p=637906"},"modified":"2024-08-26T17:10:26","modified_gmt":"2024-08-26T17:10:26","slug":"data-shows-sellers-have-returned-to-bitcoin-is-a-major-price-drop-on-the-horizon","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/bitcoin-news\/data-shows-sellers-have-returned-to-bitcoin-is-a-major-price-drop-on-the-horizon\/","title":{"rendered":"Data Shows Sellers Have Returned To Bitcoin: Is A Major Price Drop On The Horizon?"},"content":{"rendered":"

Bitcoin has been experiencing a notable increase in market activity, with recent movements indicating that sellers are becoming more active.<\/p>\n

A Major Price Drop On The Horizon?<\/h2>\n

According to a post<\/a> by XBTManager, a contributor on the CryptoQuant QuickTake platform, Bitcoin’s price rise last week, which saw it temporarily break out of its recent range, was accompanied by a surge in volatility.<\/p>\n

Related Reading: Bitcoin Poised for a 200% Rally as Analyst Spot Rare Bullish Pattern<\/a><\/div>\n

This uptick in activity included a significant transfer of Bitcoin by short-term holders, with 33,155 BTC moved, as indicated by the 1-week to 1-month spent output age bands.<\/p>\n

\"Bitcoin
Bitcoin spent output age bands. | Source: CryptoQuant<\/figcaption><\/figure>\n

This transfer of assets, particularly by short-term holders, could signal an immediate selling pressure on the market, potentially leading to a short-term price pullback<\/a>.<\/p>\n

Meanwhile, despite the chances of a major drop on the horizon<\/a> given the gradual increase in sellers, Bitcoin has recently managed to reclaim the $65,000 mark, albeit briefly; it has since retraced and is currently trading below this level.<\/p>\n

As of the time of writing, Bitcoin is holding steady at around $63,000, reflecting a 1.2% decline over the past 24 hours.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

The report suggests that if the activity within these age bands continues to increase, traders should exercise caution as the selling pressure could intensify, leading to further volatility<\/a> in the Bitcoin market.<\/p>\n

Short Term Price Outlook On Bitcoin<\/h2>\n

Amid these developments, renowned crypto analyst Ali has shared his short-term outlook<\/a> for Bitcoin, focusing on its current price action<\/a>. In a post published today on X, Ali noted that Bitcoin appears to be trading within a parallel channel in the lower time frames.<\/p>\n

\"Parallel
Parallel channel on Bitcoin chart. | Source: Ali on X<\/figcaption><\/figure>\n

For context, a parallel channel refers to a chart pattern that forms between two parallel lines, where the price of an asset moves back and forth between the upper and lower boundaries of the channel<\/a>.<\/p>\n

The upper boundary typically acts as resistance, while the lower boundary supports. Analysts often look for breakouts above or below these channels to signal potential reversals or continuations of a trend.<\/p>\n

Related Reading: Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target<\/a><\/div>\n

Ali pointed out that if Bitcoin\u2019s support at $63,500 holds, the cryptocurrency could rebound to $64,200 or even $64,800. However, if the support level fails, a drop to $62,800 might be on the horizon.<\/p>\n

\n

#Bitcoin<\/a> seems to be trading within a parallel channel on the lower time frames. If the $63,500 support holds, $BTC<\/a> could bounce back to $64,200 or even $64,800. However, if it breaks, a drop to $62,800 might be on the horizon! pic.twitter.com\/4hROkZxQNp<\/a><\/p>\n

\u2014 Ali (@ali_charts) August 26, 2024<\/a><\/p><\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has been experiencing a notable increase in market activity, with recent movements indicating that sellers are becoming more active. A Major Price Drop On The Horizon? According to a post by XBTManager, a contributor on the CryptoQuant QuickTake platform, Bitcoin’s price rise last week, which saw it temporarily break out of its recent range, was accompanied by a surge in volatility. Related Reading: Bitcoin Poised for a 200% Rally as Analyst Spot Rare Bullish Pattern This uptick in activity included a significant transfer of Bitcoin by short-term holders, with 33,155 BTC moved, as indicated by the 1-week to 1-month spent output age bands. This transfer of assets, particularly by short-term holders, could signal an immediate selling pressure on the market, potentially leading to a short-term price pullback. Meanwhile, despite the chances of a major drop on the horizon given the gradual increase in sellers, Bitcoin has recently managed to reclaim the $65,000 mark, albeit briefly; it has since retraced and is currently trading below this level. As of the time of writing, Bitcoin is holding steady at around $63,000, reflecting a 1.2% decline over the past 24 hours. The report suggests that if the activity within these age bands continues to increase, traders should exercise caution as the selling pressure could intensify, leading to further volatility in the Bitcoin market. Short Term Price Outlook On Bitcoin Amid these developments, renowned crypto analyst Ali has shared his short-term outlook for Bitcoin, focusing on its current price action. In a post published today on X, Ali noted that Bitcoin appears to be trading within a parallel channel in the lower time frames. For context, a parallel channel refers to a chart pattern that forms between two parallel lines, where the price of an asset moves back and forth between the upper and lower boundaries of the channel. The upper boundary typically acts as resistance, while the lower boundary supports. Analysts often look for breakouts above or below these channels to signal potential reversals or continuations of a trend. Related Reading: Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target Ali pointed out that if Bitcoin\u2019s support at $63,500 holds, the cryptocurrency could rebound to $64,200 or even $64,800. However, if the support level fails, a drop to $62,800 might be on the horizon. #Bitcoin seems to be trading within a parallel channel on the lower time frames. If the $63,500 support holds, $BTC could bounce back to $64,200 or even $64,800. However, if it breaks, a drop to $62,800 might be on the horizon! pic.twitter.com\/4hROkZxQNp \u2014 Ali (@ali_charts) August 26, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":637910,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,6848,1119,78790,6664,10923],"class_list":["post-637906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\nData Shows Sellers Have Returned To Bitcoin: Is A Major Price Drop On The Horizon?<\/title>\n<meta name=\"description\" content=\"Bitcoin has been experiencing a notable 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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