Amid the disparity in accumulation trends between Bitcoin's long-term holders and short-term holders, some key momentum indicators hint at a possible price recovery.
Per data from IntoTheBlock, the amount of BTC held by this cohort of investors within a 12-month period sat below the amount they held during the 2021 bull market.
The on-chain data provider stated further that this situation contrasts with 2019, where BTC’s return to $11,000 led to a significant boost in short-term holders.At press time, the leading coin exchanged hands at $29,363.01, per data from. At press time, BTC’s weighted sentiment was -0.421. This metric has lingered beneath the zero line since the beginning of June. Poor sentiment has caused the coin’s price to oscillate within the $29,000 and $32,000 tight range since April.
When these indicators post a value below 50, this suggests that BTC’s price continues to weaken as the selling pressure outweighs buying pressure. It also implies that the overall sentiment is bearish, and the price might be on a downward trend for a while longer as it struggles to regain positive momentum.
Signaling a growing liquidity exit from the Bitcoin market, its Chaikin Money Flow returned a negative value of -0.08 at the time of writing.While the above indicators suggested that BTC’s sale has outpaced accumulation in the past few weeks, a closer look at the coin’s Bollinger Bands and Stochastic Oscillator indicators showed that it was oversold, and a price recovery might be on the horizon.
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