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As Bitcoin investors once again turn their eyes to more than 70 thousand dollars, some on-chain data show that things won’t be easy.

In its post dated March 21, the on-chain analysis platform CryptoQuant examined the obstacles to Bitcoin’s path to 70 thousand dollars. Firstly, it is stated that the market is still in an “overheated” area, and it is emphasized that many profitable investors create selling pressure.

The market is overheated. Basic measurements indicate that the Market Cycle Indicator is in an overheated bull phase and the fact that investors’ unrealized profit margins are high signal that the market may continue its downward trend.

It is also emphasized that Bitcoin investors have made a selling of profit to an unprecedented extent since May 2019, and this is attributed to the fact that more than 90% of the investors are profitable.

The addition of major whales and miners to Bitcoin sales initially pushed the price down to 60,900 dollars. According to CryptoQuant, the continuation of these sales could be one of the biggest obstacles to Bitcoin’s return to 70 thousand dollars.

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