Bitcoin (BTC), continues to trade under pressure one day after its monthly and quarterly expiry! Bitcoin (BTC) is trading below $31,000 and more than 8% lower at press time. The overall cryptocurrency market has fallen by 7% to $1.26 trillion.
The number of Bitcoin accumulation addresses is increasing as Bitcoin has been under constant downward pressure for the past 10 days. As you can see, the BTC price is moving in opposite directions to the accumulation addresses as shown by the Glassnode chart below.
This is a clear bullish sign! CoinGape also reported other bullish indicators. The BTC supply at exchanges started to fall again, while whales started buying again around $30K, after heavy dumping at $40K levels.
Bitcoin Short-Term Speculators Book Major Losses
Long-term investors have continued to purchase the dips but Bitcoin short-term speculators are suffering major losses. Short-term players suffered a severe blow on Friday, June 25, when the expiry expired. The net realized profit/loss on Friday was even greater than the March 2020 crackdown. The net realized losses totaled $3.45 billion.
It is possible that Bitcoin could fall below $30,000 from now onwards. According to Daily Reuters, the Bitcoin price could fall 50% from now at $15,000.
Minerd stated that there is no bottom and that bitcoin investors shouldn’t be anxious about investing in it. Minerd explained that $10,000 would be the true bottom if you take a look at the technicals.
Minerd believes Bitcoin will consolidate over the next few years based on historical patterns. Minerd pointed out that Bitcoin’s extraordinary performance in the past year was due to large amounts of money from central banks. Minerd believes that Bitcoin demand will drop as governments reduce liquidity programs.