Bitcoin [BTC]: Is this the point where investors ‘call it quits’

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Cryp­to­Quant ana­lyst, Greatest_Trader, revealed that there was pos­si­ble sell­ing pres­sure from Bitcoin’s [BTC] long-term investors. This opin­ion may not be sur­pris­ing, espe­cial­ly as BTC led its investors into loss­es after falling from $22,000 on 13 September. 

Since then, the king coin has failed to recov­er and has been trad­ing below $20,000 for the past few days.

HODLing is now a herculean task

Accord­ing to the ana­lyst, the cur­rent mar­ket direc­tion was respon­si­ble for this take. He point­ed out that sev­er­al long-term hold­ers recent­ly sent a siz­able num­ber of their hold­ings into exchanges. 

This unusu­al move sig­naled mas­sive sell­ing pres­sure at the hold­ers’ end. A look at the exchange inflow CDD showed that the ana­lyst raised some valid points. 

As of 18 Sep­tem­ber, the exchange inflow CDD was 97,770.62, accord­ing to Cryp­to­Quant. At press time, it had increased remark­ably to 1,495,425.57, indi­cat­ing that long-term investors may run out of patience.

Source: Cryp­to­Quant

While refer­ring to the decrease in the four­teen-day mov­ing aver­age, he added that the sell­ing pres­sure, if sus­tained, could lead BTC to $16,000.

Not lonely in the fray

Addi­tion­al­ly, it may seem that the ear­li­er talks about Bit­coin get­ting stronger may already be in the drain. This was because the ana­lyst men­tioned above was not the only one who shared the opin­ion about a pos­si­ble price fall.

Anoth­er Cryp­to­Quant ana­lyst, BaroVir­tu­al, not­ed that recent insti­tu­tion­al investors’ inac­tive­ness might also send BTC fur­ther down. Cit­ing the state of fund mar­ket vol­ume of Grayscale Bit­coin Trust (GBTC), BaroVir­tu­al said that the decrease might mean BTC could not increase parabolically.

Source: Cryp­to­Quant

While assess­ing the GBTC fund mar­ket vol­ume, Cryp­to­Quant data showed that there was no sig­nal for improve­ment. The last time there was a sig­nif­i­cant increase was on 23 June, when the vol­ume went up to 31,277,925.39. Since then, it had fol­lowed some stag­nan­cy and a decline till it was 4,125,627 at the time of writing.

But was there any sign that BTC could at least rise above this stalemate?

The opin­ion of Nicholas Merten did not agree. The expe­ri­enced ana­lyst and founder of cryp­to YouTube chan­nel, DataDash, pre­dict­ed that BTC was head­ing low­er than the fore­cast of Greatest_Trader. In fact, Merten pre­dict­ed a price plunge to $14,000.

In his video uploaded on 19 Sep­tem­ber, Merten cit­ed the 200-Week Mov­ing Aver­age (WMA) posi­tion. Accord­ing to him, the indi­ca­tors revealed more resis­tance than sup­port, high­light­ing that it was a sim­i­lar sce­nario that led to the capit­u­la­tion in June.

At press time, BTC was trad­ing at $19,327— a 2.72% increase from the last 24 hours. Despite the uptick, expect­ing a ral­ly from the cur­rent point could be unlikely. 

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