Bitcoin [BTC] Incumbents Should Know This Before Leaving Their Position

With Bitcoin [BTC] surpassing the $30,000 level in early June, HODLers may see this as a moment of celebration. However, at press time, BTC was trading below the $30,000 level and stood at $29,648 down 2.6% in the past 24 hours.

BTC’s slide below the $30,000 level can be scary, especially after May, but the token has recently shown some sort of improvement in its trajectory. According to data from CoinGecko, the token is up 3.7% considering its performance over the past seven days. Furthermore, according to a tweet posted by crypto education platform, Bitcoin Expert India, Bitcoin’s dominance, at press time, stood at 47% of the total cryptocurrency market.

A bull on the loose, then?

With an overall improvement in the cryptocurrency market, the centerpiece has shown signs of a positive recovery. But, the bulls don’t seem to have full control just yet.

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According to a tweet posted by Santiment, Bitcoin on June 3 saw massive trading volume over the past seven days and recorded the second total trading volume since the token’s all-time high.

Additionally, Bitcoin’s net trading volume stood at -23,286 as of June 3. He sort of asserts that Bitcoin permabulls have always bought the dip.

Source: Glassnode

Moreover, the MVRV ratio stood at 1.25 on June 3 against 1.28 on June 2. Thus, indicating that 44% of BTC holders are facing losses at the current price level. In contrast, the NVT ratio stood at 20.95 on June 3, a drastic drop from the 53.16 it posted on May 29.

The Awesome Oscillator (AO) flashed green bars on its histogram. But, it remained below the zero line, indicating that the token’s road to recovery will be slow and steady. Additionally, the Relative Strength Index (RSI), for most of its sessions, has moved sideways, below the neutral line. And, stood at 43.81, at press time.

BTCUSD 2022 06 04 12 06 36

Source: Trading View

Despite the unwelcoming month of May, the token tried to find its rhythm in the month of June. The token is also expected to perform better in the future given investor confidence.

Additionally, crypto analyst Edris posted a series of tweets, pointing out that the next few months could be a great opportunity for long-term investing as long-term HODLers have entered a capitulation phase.



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Bitcoin [BTC] Incumbents Should Know This Before Leaving Their Position


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