At the end of last year, the Bitcoin market was a phase of active accumulation when investors massively bought the first cryptocurrency. But since January, the accumulation has changed by the distribution, experts drew attention.
“The analysis of the Bitcoin blockchain data and the onchain-metric shows that the recent sales of investors entered at high prices have led to the intensive implementation of losses and moderate surrender in the market,” Glassnode said.
Now the short -term Bitcoin holders (who bought a coin over the past 7–90 days) sell BTC, and most of them record losses. In recent weeks, the volume of such sales has grown, which resembles the situation of August 2024, when the BTC fell to $ 49,000, analysts noted.
Buyers began to show less activity, the demand for drawdings was noticeably weakened. In December-February, investors willingly bought Bitcoin in the range of $ 95,000 to $ 98,000, but in March this trend almost came to naught, experts say. In their opinion, the situation remains uncertain, and the coming weeks will become decisive to determine the direction of the Bitcoin movement.
Earlier, experts of the QCP Capital trading company said that the sustainable restoration of the first cryptocurrency quotations was violated by the actions of hackers who hacking the BYBIT exchange and stole $ 1.46 billion in February.
Source: Bits
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